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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

Elmhurst | 630-528-0734

Mokena | 815-458-5660   Oak Park | 708-480-9651

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Recent blog posts

divorce can be a challenging legal process, but the long-term benefits are typically worth the temporary heartache and struggles. The end of one complicated marriage gives both spouses a second chance at love and romance. However, before you put slip on a new ring, it's important to understand how your new marriage can affect the terms of your original divorce settlement .

the financial Obligations of a Post-divorce Life

A divorce settlement is essentially a legal agreement that encompasses the terms of a couple's separation. Before spouses can finalize their divorce , they need to make decisions regarding spousal maintenance, child custody, child support, debt allocation, and asset division. These determinations are important aspects of their divorce settlement .

Spousal Maintenance

Because your new marriage naturally alters your financial situation, itmay impact the original terms of your divorce settlement . For example, the Illinois Marriage and Dissolution of Marriage Act states that both former spouses can request a modification or termination of payments under certain circumstances.

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In an Illinois divorce , the court determines asset distribution and debt allocation based on “equitable distribution.” As the term implies, equitable means fair, not equal. this flexible system means that separating spouses may not receive a strict 50/50 split.

the court considers multiple factors when determining equitable distribution:

  • Duration of the marriage
  • the earning abilities of both spouses
  • the best interests of the child
  • the value of the marital estate
  • Various tax considerations
  • Marital vs. non-marital property

But what happens if you inherit assets and property in the course of your marriage? Is it considered part of the marital estate?

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It's normal for separating couples to experience some degree of conflict during divorce proceedings, particularly when it comes to the equitable distribution of assets. Because Illinois doesn't have any laws that require anequal distribution of assets, spouses may find themselves standing before a judge who is responsible for deciding how their marital property should be dividedfairly. In this case, one does not equal the other.

In high-asset divorce s, some spouses might be tempted to hide assets, and will go to extreme lengths to protect them from the distribution process.For example, one spouse may try to hide financial assets in a secret account or transfer real estate property to a relative. this is incredibly inadvisable, as guilty parties are usually caught and punished with severe legal and financial penalties.

During the discovery phase of your divorce , spouses must be financially transparent and honestly disclose any relevant assets and properties - this includes both marital and separate properties. this is so important that spouses are required to testify under oath that they are providing all the necessary financial information and documentation.

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Posted on in Uncategorized

Each marriage is defined by unique family and financial dynamics that must be taken into account during divorce determinations. In certain cases, the court may award a lower-earning spouse alimony to make the transition to single life (and a single income) easier. In theory, alimony is to provide financial assistance while a spouse pursues new job or educational opportunities. It's entirely up to the spouses or the court to decide how long alimony payments should last.

Typically, a judge thoroughly reviews the financial situations of both spouses before making a final determination. The spousal support amount is calculated per state laws and can be paid in monthly installments ora lump sum payment. However, alimony can be terminated or modified under certain conditions, and to the benefits of both spouses.

Terminations and modifications can be requested under the following conditions:

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Posted on in Uncategorized

If you and your spouse are seriously considering a divorce , there may beno time like the present to file your petition and complete the process.As 2018 crawls to a close, we are getting closer and closer to the last tax season that provides certain tax benefits to divorce d couples.

the Trump Administration passed the tax Cuts and Jobs Act (TCJA) in December 2017, and the legislative changes will finally go into effect on December 31, 2018. The TCJA is making significant changes to the individual income tax, and these changes include reforms to alimony, dependent deductions, and the child tax credit. These are all tax issues that may affect your post-divorce life.

Alimony

the purpose of spousal support is to provide financial aid to a lower-earning spouse who may find it difficult to live on a single income after a divorce .Before the TCJA, alimony payments were tax deductible for the paying spouse and judged as taxable income for the receiving spouse. In 2019, this standard will no longer apply to any new spousal support orders or alimony modifications. Depending on your personal circumstances, this may be one positive change included in this sweeping tax reform.

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