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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

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Subscribe to this list via RSS Blog posts tagged in spousal maintenance

Oak Brook spousal support lawyerFor many couples, getting a divorce can be a big financial burden. Going from being a dual-income family to having to run a household on one income can be tough on anyone. In situations in which one spouse may be greatly disadvantaged financially after a divorce, a judge might deem it appropriate to award that person spousal maintenance. In Illinois, spousal maintenance, which is also known as alimony or spousal support, is calculated using a specific formula, and it usually only lasts for a specific period of time. If you are getting a divorce, you should understand the basics of Illinois spousal maintenance.

Calculating Spousal Maintenance

If a spouse is awarded spousal maintenance, the formula set forth by the Illinois Marriage and Dissolution of Marriage Act (IMDMA) will be used to determine the amount of the maintenance award. The formula applies to any couple whose combined gross annual income is less than $500,000. The formula is as follows:

33.3% of payor’s net income - 25% of payee’s net income = Maintenance award

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Hinsdale family law attorney joint simplified dissolution

The most common type of divorce in Illinois is the typical, formal dissolution of marriage. This can be completed in various ways, including through the use of mediation, collaborative law, or litigation. All of these procedures can be used to reach the same end result, though how a couple gets there can vary wildly from case to case. In some cases, divorce can take months or even years, and spouses may wish to avoid a long, drawn-out process and do everything they can to complete the process quickly and effectively. One option that is available to a select group of married individuals in Illinois is called the Joint Simplified Dissolution. A simplified dissolution allows couples to keep costs down and spend much less time finalizing the divorce. However, this option is not available to everyone.

Important Considerations Before You Start

Before you can decide to get a joint simplified dissolution, you must first understand that it only applies to specific types of cases. There are limits on how long you were married, how much property you own, and you and your spouse’s income. Additionally, there are a few key things to keep in mind if you are considering a joint simplified dissolution:

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Hinsdale divorce over 50 attorney

Many groups in the United States have experienced a drop in divorce rates; however, the opposite is true for older Americans. According to the National Center for Health Statistics and the U.S. Census Bureau, the number of people divorcing after the age of 50 (known as gray divorce) has just about doubled since 1990. Gray divorce has become increasingly more common for a few different reasons. For example, divorce has lost much of the stigma it carried years ago, and people are living longer and not willing to stay in unfulfilling marriages.

Gray divorces often include a variety of unique financial considerations and legal issues that may not have the same importance for other divorcing couples. Some people may worry that they will not have enough money to retire when they originally planned to. Other people may be concerned with what happens to the assets that they have accumulated throughout their years of marriage. Understanding these issues and how to deal with them is the key to a successful gray divorce.

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Oak Brook divorce lawyers

In today’s world, most married couples rely on two incomes to live comfortably. Getting a divorce means you are no longer using two incomes to pay bills, as you will have to make ends meet with your paycheck alone. For some, this may not be a big deal, but for others, it can make supporting themselves very difficult. This is where spousal maintenance comes in. 

Also known as spousal support or alimony, spousal maintenance is ordered by a judge and is typically used to allow both spouses to continue the same quality of life they had when they were married.

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Hinsdale spousal maintenance attorney At the beginning of 2019, some significant alteration to federal and state divorce laws went into effect. These changes impact spousal maintenance, previously known as spousal support or alimony in Illinois. Spousal maintenance is a recurring payment from one former spouse to another after a divorce , typically provided by the higher-earning individual for a determined period of time. It allows a lesser-earning ex-spouse time to build a new life on their own. The duration that spousal maintenance is paid largely depends on the length of the marriage.

Eligibility for Spousal Maintenance 

A judge will consider various factors when determining whether to award alimony to a spouse, including:

  • Each spouse’s income, property, needs, and earning capacity
  • the standard of living achieved while the couple was married
  • Any contributions of an ex-spouse to the education and career of the higher-earning former partner
  • the time a maintenance recipient needs to obtain education, training, and employment to support themselves in full.
  • the tax impact of property division in the couple’s divorce decree.

Spousal Support Changes in 2019

Changes to 750 ILCS 5/504 dictate that for divorce s completed on or after January 1, 2019, the amount of spousal support payments will be calculated by subtracting 25 percent of the recipient’s net income from 33.3 percent of the payor’s net income. this differs from the previous model, in which 20 percent of the recipient’s gross income was subtracted from 30 percent of the payor’s gross income. 

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