What to Know About Divorce and Taxes

If you’re considering divorce, you’re considering all the financial factors that go along with it. For many, this means considering big things like property, bank accounts, retirement savings, and more. But, what about taxes?

Few people are familiar with tax law. Even those who are sometimes struggle to make sense of what it’s going to mean to go from married filing jointly to single or how various components of the divorce, like child support payments, factor into taxes.

In this article, we’ll discuss the most important tax implications of divorce, including:

  • Property settlement;
  • Child support payments;
  • Child exemptions; and
  • Spousal Support/Alimony

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Why You Don’t (Necessarily) Want a Quick Divorce

This title is counterintuitive to how you feel about the divorce process. After all, why would you want to draw out the fighting, litigation, costs, and other negative processes that necessarily come with divorce?

The reason: Faster doesn’t always mean better.

Depending on the unique circumstances of your case, working out a fair arrangement for both you and your spouse will take time. Moreover, with the rest of your lives hanging in the balance, it’s important that you do the process methodically and do it right. By hiring a divorce attorney and better understanding the risks of a quick divorce, you can do both.

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5 Simple Tips for Effective Co-Parenting

Many parents (wrongfully) believe that divorce is the most difficult part of a separation for children. However, the co-parenting that follows can often be even more of a challenge. This is especially true if parents are unwilling or unable to work together in the best interests of the children.

Whether in DuPage, Kane, Kendall, or Will County, your divorce must focus on negotiating effective co-parenting arrangements with your former spouse. By doing so, you will make life after the divorce better for both yourself and your children.

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3 Tips for Separating Finances in Divorce

Divorces are often messy because they mean separating all of the assets, property, and more that you’ve built with another person. Often, the messiest, most difficult part of this process is separating your finances with someone who is likely the joint holder of most accounts, vehicles, properties, and more.

As you prepare to file for divorce, it’s important to consider what will happen to your accounts, property, and other assets. The three tips below are a great starting point as to what you should consider when you’re planning on filing for divorce and are thinking about the long financial road ahead.

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Who Gets the Pet in Divorce? What the New Law in Alaska Means

Many individuals who file for divorce are surprised that when it comes to dividing property, animals get only as much consideration as non-living items. Many people consider their pets a part of their family and as such, many owners are distraught when an animal is awarded to one spouse just as the furniture and other property is.

Recently, Alaska passed a law that gives courts a new way to evaluate dividing animals as part of a divorce. Other states may follow suit, meaning that this may affect your Illinois divorce as well.

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Temporary Maintenance and Child Support in Divorce

Divorces take months, even when both spouses agree on all issues. In heavily litigated cases, the process can take years. However, life doesn’t just stop in the process. Bills will continue to come, children have needs, and you need support to continue living while you sort out your divorce.

This is why Illinois courts award temporary maintenance and child support.

In this article, we’ll discuss what each is and when it is generally awarded so you can determine if it may apply in your case.

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How Your Location Affects Divorce

Across Illinois – from Wheaton to Joliet, from Aurora to St. Charles – Does your location change the way you approach divorce?

Do you live in Wheaton? Or, how about North Aurora? Or, maybe even Oswego? How about South Naperville or even further South into Plainfield or Romeoville? Do you think this affects your case?

It does in a number of subtle ways.

Where you live affects a couple of important factors in your case, including:

  • Where either you or your spouse can file; and
  • The procedural requirements of your case

In this article, we’ll discuss both so you better understand how where you live affects how your case will be handled.

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3 Tips to Make Divorce Less Contentious

Whether in the movies, through friends in real life, or common knowledge, it’s no surprise that divorce is a contentious process. Spouses fight over property, kids, and almost every other issue you can imagine. And, if you’ve been putting off divorce to avoid all of this, there’s good news:

It doesn’t have to be this way.

Too many couples assume divorce has to be warfare. However, it can be an amicable process that lessens the expense, stress, and emotional turmoil inherent to it. Read on to learn 3 tips that will help keep your divorce less contentious.

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Update: Child Support Law Changes in Illinois

Child support in Illinois is currently calculated according to percentages. The Illinois Marriage and Dissolution of Marriage Act sets forth a percentage of the paying parent’s net income that must be paid according to the number of children a family has. For example, if there are three children, the parent paying child support must pay 32 percent of his or her net income to the payee, or parent receiving the support.

In July 2017, this percentage model will change to an income shares model. Read on to learn what this means and why Illinois has decided to make the change.

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Illinois Child Support Questions: What to Know

If you’re considering divorce in Illinois and have children, child support questions are likely to be at the top of your mind. What most people don’t know is that the divorce process is actually geared toward ensuring your children are cared for both during and after the divorce proceedings. This is with regard to child support considerations and parenting time as well.

Of course, most parents are concerned about how much they are to pay or be paid. In this article, we’ll discuss all of the relevant considerations about child support, including:

  • How much child support you must pay or you will receive
  • What child support covers
  • How to pay child support/how you’ll receive child support
  • College expense considerations
  • How and when child support may be modified; and
  • How to enforce a child support order

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