While spousal support, spousal maintenance – or alimony – doesn’t play a role in every divorce, when it is appropriate, it can be an important part of one’s divorce terms that allows the recipient to gain the financial independence he or she needs. If you are facing a divorce and have either questions or concerns about spousal support, don’t put off consulting with an experienced Chicago spousal support attorney.
Courts implement spousal support to provide a spouse who experiences an economic downturn with divorce with the financial leg up he or she needs to become financially independent – when the other spouse has the financial means to help. There is a statutory guideline in whether or not a party is entitled to spousal support or maintenance. The idea is generally for the duration and amount of alimony to allow the qualified recipient the time and resources he or she needs to acquire the education, experience, and/or job training necessary to begin supporting himself or herself. That is why the income of both parties, surrounding financial circumstances, and the duration of the marriage are all taken into consideration.
The factors that the court considers when determining the amount and duration of alimony include:
Until recently, spousal support payments were taxed as income for the recipient of the support – while the payor got the tax break. Changes to the Internal Revenue Code in 2017 (that went into effect in 2019) have changed all that. Now, the ex-spouse who pays spousal support does not get to deduct the amount from his or her taxes, and the ex-spouse who receives spousal support does not have to declare it as income on his or her federal income taxes. You will want to review these implications with your tax professional and an experienced divorce attorney in Chicago.
If you need spousal support to help you move forward toward financial independence, the well-respected Chicago spousal maintenance attorneys at Ward Family Law are standing by to help. You made sacrifices in your marriage for the greater good of your family, and starting over can be exceptionally difficult without the support you are entitled to. Our skilled legal team understands the serious nature of your situation and has an impressive track record protecting the financial rights of clients like you. We are on your side and here to offer our knowledgeable guidance, so please don’t hesitate to reach out and contact us today.
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