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Oak Park divorce attorney spousal maintenance

For some, the financial implications of a divorce may be more harmful than the end of their relationship. It can take months, or even years, for couples to make the decision to file for divorce and their romantic relationship has often deteriorated long before they have even come to this realization. Some spouses may stay together simply because of their financial reliance on each other. In order to prevent people from remaining in an unhappy marriage due to their inability to live financially independent, Illinois courts will evaluate the individuals’ financial situation during the divorce process and determine whether or not financial assistance is needed for either party. It can be a shock to transition from living off of a combined income to barely scraping by on a single income, but often the spouse with the lower income is likely eligible to receive financial assistance, known as spousal maintenance, or spousal support, or alimony, from his or her former spouse.

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Oak Park prenup attorney

With a divorce comes many difficult emotions and questions about the future. Whether it be concern over child-related issues, where to live, or finding a job, a lot of people fear the unknown. This can be an uneasy time, and especially for a spouse who was a stay-at-home parent or who relied on his or her partner’s income. There are laws that govern the financial support an ex-spouse may be able to receive after the end of the marriage. One spouse may be entitled to receive spousal maintenance payments, but it is important to understand how eligibility for spousal support is established, how the dollar amount of the payments is calculated, and how long maintenance will last. 

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Oak Park spousal maintenance attorney2019 will bring a significant change to post-divorce life for many Americans, due to the 2017 federal tax reform legislation that will reverse a provision that dates back seven decades. For divorces which are completed on January 1, 2019 and afterwards, individuals who pay spousal maintenance (alimony) to a former spouse will no longer be able to deduct that amount from their taxes, a deduction which has been allowed since the 1940s. Also, individuals who receive spousal maintenance will no longer be required to declare those payments as taxable income.

This modification is expected to add a substantial amount to the U.S. Treasury’s bottom line each year. In 2010, approximately 600,000 Americans claimed the alimony tax deduction, which added up to more than $10 billion.

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Hillside IL divorce lawyerAlimony - which is called spousal maintenance in Illinois - used to be a common factor in a divorce, and it was usually awarded to wives. Often caretakers and homemakers, women in the past often lacked the skills, experience, or resources to support themselves immediately after divorce. Times have changed, however. Today, more and more wives are becoming the primary breadwinners of their families, and more husbands are staying home. Because of this, many women are now finding themselves on the paying side when it comes to the subject of alimony in a divorce. Unfortunately, this kind of “role reversal” in a divorce can have serious implications.

Women Remain Disadvantaged in Divorce

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