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Alimony Archives

Judge says paying off ex's student debt qualifies as alimony

A tax court judge recently ruled that paying a former spouse's student loan could be claimed as an alimony tax deduction. The decision is considered to be quite profound since the noose has been tightened on alimony deductions as per the federal Tax Cuts and Jobs Act (TCJA), which also affects tax deductions. As it currently stands, alimony payments are deductible for the payor and taxable for the payee, but that will all change this Jan. 1 and will also affect divorcing Illinois couples.

What role should alimony play in a late-life divorce?

According to researchers, more and more older Americans are deciding to move beyond an unsatisfying marriage by filing for divorce. For those Illinois spouses who are considering such a move, it's important to make wise decisions that are in line with one's long-term financial goals. That includes alimony, which can be something of a risk in later life. 

Don't let emotion overrule reason in alimony decisions

For some Illinois spouses, a divorce marks the end of a very tumultuous and stressful time. It's easy to focus only on the finish line and make decisions that don't benefit from a long-term point of view. But when considering matters of alimony, rash decisions can have lasting financial ramifications and should be avoided at all costs. 

Don't let a high asset divorce affect your health

Researchers have discovered that people who go through divorce are less satisfied with their lives and have lower levels of activity as compared with those who are married or single. That's important to think about for those in Illinois who are preparing for a high asset divorce. Taking steps to preserve health can make a big difference in how you feel both during and after your divorce. 

Unpaid alimony led to proof of criminal acts against NFL player

Many Illinois residents are familiar with the career of Robert Meachem, a former NFL player. Meachem made headlines off the field when he was arrested and jailed for unpaid alimony and child support. That experience led to the discovery that Meachem was cheated out of nearly $1.7 million by a woman he paid to handle his finances. 

Alimony and the proposed new tax plan

Throughout the divorce process, financial issues are often a driving force. After years of building a life and family together, the Illinois couple decides that the marriage is over. In many instances, however, one of the individuals earns more than the other. In this case, alimony may become a factor in the Illinois couple's divorce.

Proposed tax change may affect alimony

Financial concerns are an important consideration when an Illinois couple decides to divorce. Now, rather than supporting one household, the same income is supporting two households. Financial considerations such as child support and alimony are often an important part of the divorce agreement.

Alimony is a possibility in some Illinois divorces

Divorces occur every day throughout Illinois. In some cases, assets and liabilities are divided and the individuals part ways. However, in other cases, things are not so simple and one spouse has become dependent upon the other in order to maintain their standard of living. While this may be the case, it does not mean that the individual must remain in an unhappy marriage. In this case, alimony may be appropriate.

Alimony basics to consider in divorce

When Illinois couples consider divorce, there will likely be one spouse concerned about the need to receive support, and the other spouse concerned about having to pay support. Alimony laws vary among jurisdictions, and the rules for awarding alimony and calculating the amounts may differ slightly from one state to the next. However, it will help if a few general aspects of alimony are kept in mind.

Can I avoid an order to pay alimony?

Once you are ordered by a judge in Illinois to pay alimony, your only option is to pay it or face serious consequences. However, before you ever get in front of a judge or into a divorce situation, there are things you can do to help reduce the chances you will be ordered to pay alimony.