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Posts tagged "spousal support"

Smart planning can reduce financial loss in divorce

There are many parts of a person's life that can be rocked by the decision to divorce his or her spouse in Illinois. Divorcing couples face challenges as they separate years of shared life from finances to children. Often, the process of beginning to live life independently can be unsettling and difficult. One area that often sees a significant impact in regards to divorce is a couple's financial stability and long-term financial wealth. 

Understanding the factors that play into your alimony requirement

As your divorce moves through the court process in Illinois, one requirement you may be given is that you provide alimony for your former spouse. While you may have softly anticipated this, hearing that you are still responsible for sustaining your ex's lifestyle may be a bit unnerving. At Butler, Giraudo & Meister, P.C., we are committed to helping people manage their divorce with confidence and efficiency. 

The different types of alimony in Illinois

A common assumption that many of those entering into divorce proceedings in Peoria often have is that alimony will automatically be a part of their divorce settlement. Their assumptions likely come from hearing stories in popular media of renowned divorce cases involving disputes over spousal maintenance. Yet the truth is that alimony is not awarded in every divorce case. Indeed, according to information shared by CBS News, government agencies report only between 243,000 and 361,000 adults in American as having received alimony in 2016. An important point to remember about spousal support is that it is not meant to serve as a punishment levied against the more well-to-do spouse; rather, it is simply meant to help an economically disadvantaged spouse transition into post-divorce life. 

When the breadwinner leaves, homemakers must cut expenses

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 men are getting alimony but they are still a minority

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.

How can I manage debt after a divorce?

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

What legal changes apply to Illinois spousal maintenance in 2019?

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. 

Alimony and stress management

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.

Alimony, travel plans and financial hardship

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.

Paying spousal support during a medical crisis

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. 

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