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Tag: income

“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.

Depreciation deduction and divorce in Illinois
Child Support

Depreciation And Divorce In Illinois

If you are a business owner or you are married to a business owner, you are going to have to become familiar with the concept of depreciation. For tax purposes, business expenses are deductible to the business owner’s regular income. Big expensive items like a building or a semi truck wear out slowly and the

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Investment income and alimony in an Illinois divorce
Alimony

Income Producing Assets And Maintenance In An Illinois Divorce

Warren Buffet once said, ““If you don’t find a way to make money while you sleep, you will work until you die.” Many people have saved enough money, that subsequently makes enough money to maintain themselves…and then they get divorced. The money divided is often enough to live off as well (or at least pay

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Income increase and child support or alimony in Illinois
Alimony

An Increase In Income After An Illinois Divorce

Whether the economy is booming, inflation is increasing or either former partner has devoted themselves to their job after their divorce…people’s incomes go up. Income is the determinator for both child support and maintenance in an Illinois divorce. When income goes down, parties to a divorce either need more support or they cannot afford to

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Paid Time Off In An Illinois Divorce
Marital Property

Vacation And Sick Days In An Illinois Divorce

People get paid all sorts of ways. Employees get paystubs, benefits, and per diem accounts. Employees even get paid for NOT working when they are paid for their accumulated vacation and sick days. For an older employee in a job that allows vacation and sick day credits to be carried over year-over-year, those accumulated vacation

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Maximum Child Support In Illinois
Child Support

What Is The Cap On Child Support In Illinois?

Whenever a celebrity’s child support amount is announced in the news, the child support always seems absurdly high. Kelly Clarkson pays her ex-husband $ 45,601 in child support. Nick Cannon pays $2.2 million dollars a year to the mothers of his nine children. Celebrities do not live in Illinois. So, celebrities are not a useful

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Determining what someone should make in an Illinois divorce
Child Support

Imputing Income In An Illinois Divorce

There are three quantifiable inputs in an Illinois divorce: 1) Time the children currently spend with each parent, 2) Marital assets and debts of the couple and 3) The income of each party. Everything else that determines the results in an Illinois divorce can be described qualitatively in words but not quantitatively in numbers. This

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Job Diary In An Illinois Divorce
Child Support

Job Diaries In An Illinois Divorce

In the Bible, the Book of Job is about a man who suffers a series of horrible tests in order to prove that he is worthy. In an Illinois divorce, a job diary is quite similar. When one party in a divorce is unemployed or underemployed, an Illinois divorce hangs in limbo because that party’s

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Seek employment after divorce
Alimony

The Duty To Seek Employment After An Illinois Divorce

After a maintenance award is made in an Illinois divorce, there will be some language that will specify the amount and duration of maintenance. The amount and duration of maintenance is “designed to allow the recipient spouse to maintain the standard of living enjoyed during the marriage.” In re Marriage of Micheli, 2014 IL App

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Reduced Income In An Illinois Divorce
Child Support

My Spouse’s Income Reduced During My Illinois Divorce

Things change when people get divorced. Whether it is the stress of a divorce or the conniving strategy, incomes seems to plummet during the divorce process. In Illinois, income is what determines maintenance (formerly known as alimony) and child support. If your spouse suddenly is making less income, you’re going to pay more maintenance and/or

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2nd home in Illinois divorce
Marital Property

Second Homes And Divorce In Illinois

As a married couple ages, they refinance their house and lower their mortgage payment, the kids leave the home and suddenly there’s extra income. Many couples take this opportunity to buy a second home. A second home allows a couple to spend the winters somewhere warm or the summers somewhere quiet. A married couple’s portfolio

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