Social Security is the United States’ federal government’s system for making regular payments to people if they are disabled and/or elderly. People who are getting divorced and also receiving a social security benefit (or their spouse is receiving it) need to know how a divorce will impact that benefit. The law does not treat social…
The financial aspects of a Chicago, Illinois divorce are determined by two factors: 1) the assets of the parties and 2) the incomes of the parties. When one of the parties retires or prepares for retirement a significant change will happen to their income and even their assets as they begin to draw them down.…
In Illinois there is a great deal of law as to what makes a marriage valid. 750 ILCS 200 et al. A marriage license must be applied for, a marriage must be solemnized and the marriage license must be recorded appropriately. It is exceptionally rare for a marriage conducted in Illinois to have its marriage…
Often, during the pendency of a divorce the couple find themselves supporting two households and trying to maintain the standard of living for both of the households while having just one income. In the absence of assets to live off, typically, this means the lower-earning spouse is relying on support from family. This support may…
Before the new tax law was passed by Congress and signed into law by the president on December 20, 2017, 26 U.S. Code Section 71(a) read “Gross income includes amounts received as alimony or separate maintenance payments” which mean that the alimony or spousal maintenance receiver was the person who paid taxes on the alimony or…
