Sometimes divorce comes unexpectedly for homemakers in Illinois. One minute, a couple is roaming the world hand-in-hand, and the next, the breadwinner announces that they are leaving for a younger or wealthier partner. When this happens, resentment and already bad spending habits can cause many homemakers to continue living the lavish lifestyle that they did before. However, failure to cut expenses could create problems in the long run.
More women in Illinois are in the workforce today than ever before. Many wives also make more money than their spouses. Because of this and a gradual equalizing of gender roles, more men are asking for alimony after divorce. A Reuters article published in the Financial Post confirms that divorce attorneys have seen a rise in ex-wives paying spousal support.
It's no secret that divorces can be expensive. This is especially true if you're ordered to remit spousal support, which can be challenging when starting over after the end of your marriage. Proper budgeting is crucial for staying current on this and other recurring payments, as explained by The Balance.
If you are seeking spousal maintenance as part of divorce proceedings in Illinois this year, you should know that changes to laws governing spousal maintenance at both the state and federal level have recently gone into effect. The changes could have an impact on the amount that you either receive or pay, as well as how you pay taxes on it.
Paying spousal support can be incredibly tough for those going through financial hardships, such as someone who has lost their job or a person who is struggling with a health problem that is very costly to deal with. These situations can result in a great deal of stress, especially for someone who has already been through a lot after dealing with a difficult divorce. Some people may even be stressed out about making alimony payments in general, even though they have no financial issues that make it difficult to stay caught up. If you are going through these difficulties, it is vital to manage your stress well.
Bringing your marriage to an end could change your life in all sorts of ways, some of which may be for the better. However, it may also bring up various issues that you need to consider, such as consequences for failing to pay child support or alimony. If you are required to pay spousal support following your divorce, it is crucial to make sure that these obligations are met, regardless of your financial circumstances. Sometimes, people experience financial hardships, which may necessitate convincing the court to lower your monthly payments. Moreover, your financial state may impact other aspects of your life, such as a trip that you have been planning.
Our blog has addressed some of the reasons why people are no longer able to stay current on their spousal support payment, such as financial difficulties that have resulted from the loss of a job. However, there are other reasons people may find themselves in this position. For example, you may have a hard time paying alimony because of a medical crisis that you are struggling with, especially if it was unexpected and left you little time to prepare financially.
This blog has covered some of the different consequences that come with falling behind on spousal support, such as the amount of stress that people may experience when they are unable to stay current. Moreover, the IRS states that back spousal support can lead to the interception of tax refunds. However, people should recognize that many other potential consequences could lie ahead if spousal support is not paid. For example, unpaid spousal support can affect social security benefits.
On this blog, we have gone over various spousal support issues, such as being unable to make your payments due to the recent loss of your job, as well as other family law issues which can have a financial impact, such as the interception of your tax refund due to back child support. However, you may want to bear in mind that failing to pay spousal support could also result in financial ramifications. For example, if you fall behind on spousal support, it is possible that you could have your tax refund intercepted as well.
Divorce can bring up many questions and a host of stressors, whether couples are unsure about how custody will be awarded or have uncertainty about the manner in which marital property will be split between each party. That said, spousal support is an issue that can be particularly stressful for certain people when their marriage comes to an end. Aside from issues related to actually making spousal support payments, you could be wondering how alimony might affect you in other ways. For example, you might want to know if alimony payments can be deducted when working on your taxes or if you are required to count payments you have received as income.