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.
Whether you were laid off due to the seasonal nature of your line of work or you were fired for an unexpected reason, moving forward after the loss of your job can be very challenging. Worse yet, you may face financial difficulties that prevent you from paying bills, staying current on your child support or paying alimony. Our law firm knows how upsetting this can be for people in Peoria, and cities across Illinois. However, it is vital for you to promptly go over your options if you are struggling with making your monthly spousal support payments.
In recent years, some people have found themselves out of work for one reason or another. In Peoria, and across Illinois, labor market conditions can make it tricky for people in this position to find more work. If you have recently lost your job, you may be wondering how to handle your responsibilities, such as paying your bills and continuing to make your spousal support payments. Our law office understands the stress and uncertainty that people going through this may experience and it is critical for you to explore your different options.
If you are required to pay spousal support, there are various issues you may have to consider. For example, you may be having a hard time making your payments due to financial hardships you are facing because of a health condition that caught you off guard or the loss of your job. Or, perhaps you are unsure about how your alimony payments will affect your tax return. In Peoria, and throughout the whole state of Illinois, finding answers to spousal support issues and other family law problems is pivotal.
In an Illinois marriage, couples often compromise on which of their careers they will make their decisions based on. Pay, benefits and location are often factors that lead to valuing the job of one spouse over the other. When it comes time to make changes, such as staying home with a child or moving across the country, the spouse with the less lucrative position may be the one who leaves the workplace altogether, or finds whatever job is available to suit the circumstances. Once this is done, it can have a lasting effect on a career.
While you may have thought that all negotiations ended when the judge declared you legally divorced, the truth is that there are many circumstances that may require you to revisit your agreements and evaluate whether changes are needed. This often needs to be done in an Illinois courtroom to ensure that you receive fair treatment and are given just consideration. We at Butler, Giraudo and Meister are not only here to help you during the initial determination of your divorce arrangements, but also to assist with any adjustments that need to be made in the ensuing months and years.
For Illinois couples experiencing marital strain, divorce is a welcomed alternative to resolve strenuous differences. However, divorce brings with it a significant number of implications that must be addressed to reach a mutual agreement that is beneficial for both parties. Some of the decisions that need to be made are related to child support and custody, separation of assets, finances and property, and spousal support or alimony.
If you have been granted alimony by an Illinois judge, it indicates that your marriage and divorce have put you at a disadvantage financially. The support you get from your ex-spouse is not intended to be a punishment for him or her, but a way to prevent that hardship from destroying your life. The payments typically do not last indefinitely, but using them wisely may restore your earning potential and help you become independent, or may meet other important needs.