Often times after a divorce, one of the former spouses will try to get out of paying alimony to their ex-partner. If the courts discover this violation of the divorce orders they pronounced, they have recourse to a number of methods to make the person pay alimony. A judge has the option to order the confiscation of all of the person's personal property, including all the rents and profit from real estate. The proceeds from the seized property will be used to provide alimony on the direction of the court.
Spousal support or alimony is the amount of money awarded to one of the former spouses after a couple gets divorced. Spousal support may be agreed upon by the couple prior to the divorce, or a court may take this decision. The primary goal of spousal support is to mitigate the possible unfair financial effects a divorce may have on the low or non-wage earning spouse.
A significant shift has been witnessed in the divorce laws of Illinois. These changes are of prime importance for men going through a divorce. While in the past the father had to pay more and lose custody of the child as well, the law has now been amended to allow for a more collaborative parenting approach. The changes made to the law will help reduce conflict and establish better equity for former spouses.
Alimony, also called spousal support, refers to provisions made by one spouse to another after a separation or divorce. Alimony is not a requirement for divorce, and nowadays most courts stay away from granting alimony. It is up to the judge, however, to decide whether alimony orders need to be issued or not.
Alimony can be defined as one spouse's payment to the other spouse after separation or divorce. The alimony you are required to pay can be deducted. The recipient of the alimony is either your spouse, former spouse or in some cases a third party may receive the payments on behalf of your spouse. Alimony is not paid in any form if the spouse has passed away. Alimony is considered a form of income and is taxable. You would benefit from the arrangement if the recipient pays the tax on alimony. It is advisable to do this because often the recipient's tax rate is significantly lower than that of the person paying the alimony.
The entire divorce process is mentally and emotionally taxing, but one incredibly challenging piece of it is spousal maintenance, or spousal support (formerly called "alimony.") The purpose of spousal maintenance is to aid the spouse who would face greater economic hardship or be unable to maintain the same standard of living after the divorce, as in the case of a stay-at-home parent with limited work experience, for example.
The flow of information each person in Illinois endures on a daily basis is monumental. At times a person may feel like the bears you see in nature shows that stand in rushing white water trying to catch a salmon. Some bears are lucky and get what they're after. Most big fish get away.
Few life events bring as many changes and challenges as divorce. Regardless of the circumstances that drove a couple to divorce, the end of any marriage is often a difficult reality to face and the finality that divorce brings often causes each spouse to suffer both emotionally and mentally. It's no wonder then that, while in the midst of a divorce, some individuals fail to fully contemplate or understand important financial considerations.
It's April 15, and some Peoria-area residents may still be scrabbling to meet the dreaded tax deadline. For recently divorced men and women, tax time may present new challenges and surprises. The decision to divorce is typically accompanied by a whirlwind of change. In addition to changes to one's living arrangements, financial situation and time spent with children; divorce also often signals big changes during tax time.
In a divorce, it is important to protect your financial interests, whether it is by securing proper spousal support or child support, or by ensuring that your marital debts are equally divided. In the process of reaching a financial settlement it is also prudent to make sure that jointly held debts do not come back to haunt you years after the divorce decree is signed.