Maintenance (Alimony) in High Net Worth Divorce

Family Law Blog

Maintenance (Alimony) in High Net Worth Divorce

November 21, 2019 | Divorce,Maintenance (Alimony),Wealth

Maintenance is support one spouse pays to the other spouse after divorce.  Generally, courts are mandated to apply maintenance guidelines.   These guidelines follow a formula to determine the amount of maintenance and is intended to minimize litigation and provide uniformity of maintenance awards across the State of Illinois. The formula uses the income of the parties to determine the amount of maintenance.   One big […]

Illinois Maintenance (Alimony): How Much and How Long

November 20, 2019 | Divorce,Property,Wealth

Maintenance (Alimony) is support one spouse pays to the other after divorce.  After a court has made a determination that maintenance is appropriate for one spouse, then the court must decide how much maintenance that spouse will receive and for how long the spouse will receive it.  In order to decide these issues, courts will look at […]

Maintenance Tax Issues After the Tax Cut and Jobs Act

November 19, 2019 | Divorce,Maintenance (Alimony),Wealth

On any Maintenance (Alimony) payment ordered after January 1, 2019, the spouse receiving the maintenance no longer has to pay taxes on it and the spouse paying maintenance can no longer “write off” the maintenance payments. This change is a result of the Tax Cut and Jobs Act (TCJA) passed by Congress in November, 2017 and signed into law on December 22, 2017.  With the TCJA, individual and business tax rates […]

Illinois Maintenance (Alimony): The First Step

November 19, 2019 | Divorce,Property,Wealth

In Illinois, maintenance (alimony) is support one spouse pays to the other after divorce.   Generally, maintenance requires a two-part analysis by the court.  First, the court must decide whether maintenance is appropriate under the unique circumstances of the case.  If maintenance is appropriate, then the court determines how much maintenance the spouse receives per month and for how may months maintenance will be paid. This article pertains to the first part […]

Dividing a House During Divorce

November 16, 2019 | Divorce,Property,Wealth

A house that is marital property must be divided at divorce. Since literally cutting the house in half is not an option (although some guy in Germany did it), dividing a house at divorce must be done using other methods.   The simplest solution is putting the house on the market and splitting the proceeds of the sale. Since Illinois […]

Dividing Retirement Plans in Divorce 

November 16, 2019 | Divorce,Property,Wealth

In most retirement plans, such as a 401(k) or traditional IRA, taxes are paid when funds are distributed, i.e. “cashed out” of the plan.  Taxes would be paid at a rate according to the income level of the person cashing out at the time of the distribution.  Presumably, if an account is distributed during retirement, […]

Finding Hidden Assets in High Net Worth Divorce Cases

November 15, 2019 | Divorce,Property,Wealth

A major component of any divorce is identifying the marital property that will later be divided.  Although this sounds simple, it often is not because people are financially motivated to hide assets.  If assets remain hidden they cannot be divided.  Hidden assets can be a major issue in high net worth divorces.  This is especially true if one spouse controlled the finances during the marriage while the […]

Dividing Wealth in DuPage and Cook County Divorce: The Basics

November 14, 2019 | Divorce,Property,Wealth

There are two types of property in a divorce: marital and non-marital. Marital property is property acquired during a marriage with funds earned during the marriage. Non-marital property is property owned before a marriage or received as a gift during a marriage.  Inheritances are non-marital property.  A home purchased during a marriage with income made […]

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