“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
In Illinois, maintenance (formerly known as alimony) is always one of three different numbers: To determine which of these three formulas will be applied in your Illinois divorce case and what number will, eventually, be arrived at as your maintenance payment, the below analysis must occur. Will There Even Be Maintenance In Your Illinois Divorce?
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett. Lots of people have followed Warren Buffett’s advice by saving and investing so their money can earn them an independent income one day. These investments generate interest, dividends, and other kinds of income. However,
Warren Buffett 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, which 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
Being a real estate agent, also known as a realtor, is like being the world’s friendliest gambler. You might sell a house for a client, you might buy a house for a client, or you might not. Either way, real estate agents have to keep smiling through it all. Smiling through challenges is a distinct
The prospect of divorce is frightening. Splitting assets and seeing your children half the time (or less) are harrowing possibilities but the continuing obligation of maintenance (formerly known as alimony) seems the most daunting. Before the divorce, you were supporting one household with two incomes. After the divorce, you may be expected to support two
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
Maintenance (formerly known as alimony) in Illinois is an ongoing obligation for a set amount per month over a set duration of time. Most people would simply prefer to be finished with their ex-spouse instead of paying their ex-spouse monthly or, conversely, the ex-spouse hoping they will be paid every month. In lieu of entering
Money is a funny thing in an Illinois divorce. In a divorce, money is an asset that can be divisible or not based on whether it is marital. In a divorce money is also evidence of income which can determine child support and maintenance (formerly known as alimony). Money usually comes in regular allotments every
Maintenance, formerly known as “alimony” in Illinois, is a way to further ensure an equitable division of finances between two spouses who have unequal incomes. One spouse has relied on the other spouse for regular financial support, the Illinois legislature states the supporting spouse should continue to support their ex-spouse in a definite amount for
People who are married support each other. People who are divorced in Illinois end up supporting each other as well. Divorced people support each other via court order. “In a proceeding for dissolution of marriage…the court may grant a maintenance award for either spouse in amounts and for periods of time as the court deems