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st. charles divorce lawyerDivorce can be a difficult and stressful process, and the last thing you want is to be hit with unexpected tax obligations after the fact. If you are going through a divorce, considering your decisions’ tax implications before finalizing a settlement is essential.

Below are some key tax issues that arise during an Illinois divorce and offer tips for minimizing tax obligations.

Tax Implications of Divorce in Illinois

Divorce can have significant tax implications, particularly regarding property division, alimony, and child support.

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st. Charles divorce attorneyIf you are a business owner going through a divorce, you are likely concerned about how your business will be affected. Fortunately, there are steps you can take to protect your business during a divorce in Illinois. Here is what you need to know:

Identify the Whether the Business is Marital or Non-Marital Property 

Non-marital property is property that is not subject to division in a divorce. It includes property that was acquired before the marriage, property that was gifted or inherited, and property that is identified as non-marital in a prenuptial agreement or postnuptial agreement. If you have documentation showing that you started the business before marriage and did not use marital assets to finance or maintain it, this can be used as evidence to establish that your business is non-marital property. However, if you did not keep good records, it can be more challenging to prove that your business is non-marital.

If you have a prenuptial agreement that specifically outlines that your business is non-marital property, that agreement will be used to establish that your business is exempt from division in a divorce.

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Kane County Family Law AttorneyIn the best of circumstances, a couple agrees to end their marriage and is able to come to an agreement on all the issues involved in that decision, as well. Unfortunately, the reality is that when many couples reach the point to end their marriage, it is often the only thing they do agree on. The divorce process then turns into a battle over child custody, assets, and property.

When there are issues that the couple cannot agree on, their attorneys may suggest using experts to help resolve some of the issues and help navigate the process to a fair and equitable resolution for both spouses.

Child Custody Evaluator

A child custody evaluator is typically a licensed psychologist or social worker who provides an assessment of what type of custody arrangement would be in the child’s best interest. The evaluator will interview the child and the parents, as well as review both parents’ home environments. Once complete, they will present their recommendation for a parenting plan.

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st.charles divorce lawyerWhen a couple goes through a divorce, there are different phases to that process. One of those phases is the discovery phase. This is where each side gathers information in order to determine what they are looking for in the final divorce settlement. Having a skilled divorce attorney is critical in obtaining that information and evidence and protecting you from an intrusive and overly aggressive spouse's attorney. 

The Discovery Process

Discovery is used in both criminal and civil actions. The process itself is a legal and formal one and all parties must adhere to the procedures and rules put in place by the court in the case is being heard in. 

In a divorce proceeding, the goal of discovery is to ensure that both parties have the same information about their assets, debts, income, and other financial issues in order to negotiate a fair and just divorce settlement. 

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Kane County Family Law AttorneyYou and your spouse have made the decision to end your marriage. Each of you is going through the process of hiring attorneys and adjusting to this new way of life. There is a myriad of decisions you will have to make throughout this process, including parenting time, where you will live, how your marital finances will be addressed, and more. Understanding the key points that should be decided in your divorce agreement is important in making sure you end up with a fair settlement. Having an experienced divorce attorney representing you is critical to that success.

Child Custody

One of the most important issues that need to be decided in a divorce is child custody. In Illinois, this is referred to as the allocation of parental responsibilities and also includes a parenting time schedule that determines when the child will be with each parent. It is not uncommon for parents to disagree over how custody should be divided – in fact it is more common for parents to disagree over custody than to agree, at least initially.

Your attorney will negotiate with your spouse’s attorney in trying to come up with a plan that both parties can agree on and also adheres to the best interest of the child doctrine, which is what every Illinois family judge bases their custody decision on.

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