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Joliet divorce attorney spousal support

When you are going through a divorce, you may feel that you have enough on your mind simply trying to arrange for a fair distribution of marital property and make the case for spousal support. Other financial implications of your divorce, like the way it can affect your taxes, may often slip through the cracks, leaving a lasting negative impact on your future. However, with the assistance of an experienced divorce lawyer, you can plan for the effects of divorce on your taxes so that your financial situation remains secure.

Tax Implications of Divorce in Illinois

There are many ways that your taxes can be affected by a divorce, so this is by no means an exhaustive list. However, three common ways that taxes can come into play during the divorce process include:

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St. Chalres divorce attorney spousal maintenance

Divorce can be difficult for anyone, but it may be especially devastating for stay-at-home parents, who devote their time and energy every day to the care and well-being of their family. As a stay-at-home parent, you may be concerned about how the divorce will impact your children, as well as how you will support yourself without the income of your spouse. As you prepare for your divorce and life moving forward, it is crucial to identify your priorities so that you can focus your efforts on the issues that are most important to you.

Divorce Issues Affecting Stay-at-Home Parents

Certain aspects of the divorce process may be especially important for stay-at-home parents. You may find it beneficial to keep the following at the forefront of your mind:

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St. Charles divorce lawyerSpousal support, also known as maintenance or alimony, is often an important element of an Illinois divorce resolution, especially for stay-at-home parents and anyone with significantly lower income or earning potential than their spouse. However, it can also be a major point of contention if your ex is resentful about having to pay support, and arguments can last well after the divorce is finalized if he or she fails to make the required payments on time. If your former spouse is regularly late in making payments that you rely on, you should work with an attorney who can help you pursue enforcement.

Spousal Support Enforcement in Illinois

The terms of a divorce agreement filed in court are legally binding, so as long as the original agreement includes a spousal support order, you have the option to pursue legal enforcement after your ex’s late payments. In some cases, it may be best to notify your former spouse in advance that you intend to pursue legal action, as this on its own may be enough to convince him or her to make the required payments.

However, if your ex still fails to pay despite your best efforts, your attorney can help you file a Petition for Rule to Show Cause asserting that your ex-spouse has failed to follow a court order. Your petition should clearly identify the terms of the divorce agreement that your former spouse has violated, and you should be prepared to present evidence of the failure to pay, including your financial statements and records of communication with your ex.

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Kane County family law attorneysFrom big-time publications such as The New York Times and Forbes to hundreds of parenting blogs across the internet, the media is littered with strong opinions - and equally strong judgements - on the subject of divorce and stay-at-home parenting. Society, it seems, is especially hard on stay-at-home mothers who wish to remain at home after a divorce is finalized. Oddly enough, though, stay-at-home parents are bombarded with judgement no matter which path they decide to take. For many, choosing to stay at home is simply not a luxury they can afford. However, for those truly desiring to maintain their homemaker role after a divorce, even when finances are tight, the option can be explored and may still be a possibility, regardless of what critics have to say.

Stay-at-Home Parenting Preparation for Divorcing Couples

As you begin the divorce process, many factors need to be considered when deciding who will stay at home with the children or whether or not the stay-at-home parent will enter the workforce once the dissolution is final. Depending on the nature of your relationship with your ex-spouse, this can either be a contentious battle or a team effort to protect the best interests of the children and the family as a whole.

Whatever your circumstances, ask yourself the following questions as you move forward with your plans:

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Kane County divorce attorneysA marriage is a partnership that requires a give-and-take mentality. Going into a marriage, a couple may decide to designate one person as the “breadwinner” and the other as a ”stay-at-home” spouse. Children, financial status, skill sets, and personal preferences can all factor into the decisions that are made. If a divorce were to take place, a stay-at-home partner may feel that he or she is at a disadvantage, having already given up a significant amount of time in the workforce to focus on life at home. If you are a homemaker that is going through a dissolution of marriage, speaking to a knowledgeable attorney could better prepare you for life after divorce.   

Securing Financial Stability

Transitioning to a life away from your spouse can result in increased amounts of stress. Not being able to pay bills, find a place to live, or being able to purchase everyday necessities can all be results for a spouse that is coming out of a divorce. Prior agreements or mediation can resolve topics such as alimony, also known as spousal maintenance, property division, and child support. If an agreement cannot be made by the divorcing couple however, the presiding judge will make a final ruling. 

When determining whether or not to grant alimony, the court may consider the following factors:

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St Charles Divorce Attorney

When a two-income couple divorces, each person may have no problem becoming self-sufficient immediately. However, if that is not the case, the higher-earning spouse may need to make maintenance payments, formerly known as alimony, to the other. Spouses are free to negotiate their own agreement regarding maintenance payments. If they cannot agree, the court must first decide whether a maintenance award is appropriate. If so, then the judge will determine the amount and duration of maintenance using statutory guidelines (750 ILCS 5/504).

Reasons One Spouse May Need Post-Divorce Financial Support

Marriage often changes how people think about their careers. In some families, one spouse takes on the role of being the primary manager of home and family needs, perhaps even homeschooling the children. That frees the other spouse to focus on building their career and generating income to support the family. In other families, one spouse works longer hours to support the other’s dreams of higher education, developing their own business, or working in a fulfilling but low-paying occupation. The longer a person remains unemployed, the harder it can be for them to re-enter the workforce. If you fall into any of these categories, you may need to negotiate for maintenance payments as part of your divorce settlement.

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St. Charles prenup attorneyWhen you enter into a marriage, you are promising to share everything you have with your partner. Sadly, not all marriages will end happily ever after. A divorce can be a messy process, but if a prenuptial agreement is put into place before a union, the process of dividing assets during divorce can be made more simple.

According to the Illinois Uniform Premarital Agreement Act, a prenuptial agreement is a written agreement signed by both partners planning to enter into a marriage. Both parties must be comfortable with the agreement without pressure from either side.

What Does a Prenuptial Agreement Protect?

A prenuptial agreement is a tool that will specify how a couple’s businesses, finances, or property would be divided between the two parties should a divorce happen. When creating a prenup, both parties are required to fully disclose their respective finances to each other to ensure that they have a full understanding of their financial situation and can weigh this information when making decisions about how to divide assets. Once all assets have been identified, the parties may decide what happens to each asset and whether specific assets will be considered marital property that must be divided during divorce or separate property owned by one spouse.

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