Retirement assets are a significant concern for most when a divorce is pending. After all, you’ve worked hard for your pension, or are young and are planning to contribute to it for a long time for long-term security. So, when you decide to get divorced, it’s natural to wonder: how is the pension going to get divided?
On November 2, 2017, the House Ways and Means Committee introduced H.R.1, also known as the “Tax Cuts and Jobs Act.” Several provisions within are set to impact divorce, and property settlement. And, though its passage into law is still far away, and the bill is likely to undergo several revisions and changes between now and then, understanding the changes and how they might impact your divorce is important.
Specifically, there are two provisions of concern:
- Section 1309, which eliminates the alimony deduction; and
- Section 1302, which significantly reduces the mortgage interest deductions
Though there are sometimes issues when it comes to children and a parenting schedule in divorce, there are almost always more issues when it comes to property division. After all, property division – which also means placing values on everything you own and are going to divide as marital property – comes with its fair share of disputes.
Nowhere is this truer than in valuing a business. What a business is worth is often highly discretionary, even between experts. Because of this, it’s important that you work with your Naperville divorce lawyer so nothing is left to chance, especially in something as important as valuing a business.
In divorce there are two types of property: Marital property and non-marital property. It’s obvious what marital property is: it’s all of the property both you and your spouse purchase or acquire together during your marriage. However, the guidelines for what makes property non-marital aren’t always as clear.
In this article, we discuss non-marital property in greater detail to help you protect what you have that is non-marital and are able to keep it after your divorce, without any claim from your spouse.
When it comes to divorce in Illinois, most individuals know of two types of support: spousal support, also known as maintenance or alimony, and child support. This means that when people hear that there’s another type of support, they get confused.
In this article, we cover the basics of unallocated support and the benefits of choosing unallocated support over separate maintenance and child support in your divorce.
Only parents have visitation rights with their children after divorce. This means that the Illinois statute that governs divorce procedure, the Illinois Marriage and Dissolution of Marriage Act (IMDMA), only grants parents the right to see their children, provided there isn’t a compelling reason to keep a child from a parent.
Other relatives, like grandparents and siblings, can file a petition for visitation with children of a divorced couple. The burden a non-parent must show to get a petition for visitation granted can be high, making it difficult for non-parents to get as much time with their grandchildren or sisters/brothers as they want. If met, however, a non-parent can get a set visitation schedule with children, just like a parent can.
Property division is a major focus in any divorce. And, while some property is obvious – like the marital residence, vehicles, and other, personal property – some isn’t. After all, it’s significantly more difficult to “see” bank accounts, retirement accounts, and other assets.
With this comes a problem: how do you know if your spouse is truly disclosing all of his or her assets during a divorce?
The divorce procedure in Illinois is set up to ensure that your spouse doesn’t hide any assets. Or, if they do, it’s designed to uncover them to ensure that you receive the equitable split of property you’re supposed to.
If you have minor children, you’re going to have a parenting plan as part of your divorce. Typically, this parenting plan is called a Joint Parenting Judgment or, more commonly, an Allocation of Parental Responsibility Judgment.
The Right of First Refusal is going to be part of your parenting plan as part of Illinois law. This gives you the right to spend more time with your children if your soon-to-be former spouse, or former spouse, can’t.
You’re getting divorced and your soon-to-be former spouse is ordered to pay either child support or maintenance, or perhaps both as separate or unallocated support! This alone might cause some to worry. After all, who’s to say that your spouse will pay the support he or she was ordered to pay?
Wage garnishment is the answer to this problem.
When you’re entitled to receive maintenance, child support, or both, you have two options:
- Collect the payment directly from your spouse; or
- Establish an income withholding order
Typically, wage garnishment is used as a remedy if you aren’t being paid by your spouse, which is more likely to occur if you’ve agreed to accept payment directly and are no longer receiving it. However, there are other situations this might occur, all of which you can discuss with your Naperville divorce lawyer.
Property division is typically the most complicated issue in a divorce. And, while it can be relatively straightforward to place a value on vehicles, a home, and other assets, it can be difficult to value others. And, without a fair valuation, you might agree to a settlement that isn’t fair, especially when you consider the long-term implications of your financial situation following divorce.
In this article, we’ll discuss:
- How marital property is divided in Illinois;
- How to determine the value of complex assets; and
- Other important considerations in marital asset valuation