For many decades, alimony has been tax-deductible for the payor and tax-payable for the recipient. However, the Tax Cuts and Jobs Act will be reversing that situation for divorce agreements finalized after the end of 2018. Most experts agree that this means both parties will probably have less money as a result. In addition, the lack of a deduction could put some Illinois payers in a higher tax bracket.
When you separate from or divorce your spouse, chances are, you worry about how the transition may impact any children you have together. Once you divorce, you typically have several options at your disposal in terms of custody, and those options could include you taking over primary custody, your spouse doing so or the two of you deciding on a joint-custody arrangement.
Individuals who are going through divorce in Illinois may need to decide if they want to keep the marital home after the divorce is finalized. The spouse who keeps the home usually pays the other spouse their half of the equity and assumes the mortgage debt. There are several important factors to weigh when deciding whether or not to keep the home after a divorce.
There are several financial mistakes that people in Illinois should be sure to avoid during a divorce. For example, they should not spend on big-ticket items during the split. The bills for this behavior can add up quickly.