Tag Archives: alimony

Receiving Your Spousal Support in a Lump SumWhen negotiating the financial aspects of a divorce settlement, each party must consider how to support him or herself in the present and future. The division of marital properties may have the greatest current value to a spouse, but spousal support payments can help create prolonged financial security. However, parties can waive regular spousal support payments in exchange for a lump sum payment, given as either one payment or in installments. The recipient spouse reaps an immediate monetary reward, but the paying spouse often benefits more. A spouse may ultimately receive more money through continued spousal support payments than from the lump sum payment. Though lump sum spousal support agreements seem short-sighted, the recipient spouse may have a valid reason to seek immediate compensation.

Benefits

Some spouses agree to receiving a lump sum spousal support payment because they are enticed by the big payout. Others are motivated by financial or emotional factors that make sense in their situations:

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Overcoming the Stigma of Male Spousal SupportIt is increasingly common for women to be the breadwinner in marriages, while more husbands are choosing to be stay-at-home dads. Societal norms are changing so that marriage roles are more independent from gender. Gender norms have also changed in divorce. Whereas it was once assumed that the husband would pay spousal support to the wife, more courts are awarding spousal support to men. However, statistics suggest that a significant number of men are eligible for spousal support but do not receive it. Because Illinois law does not distinguish between genders in determining spousal support, there should be no legal reason for this. Society’s lingering gender bias is likely the reason more divorced men do not receive spousal support.

Male Pride

Some men believe that receiving spousal support payments from their former wives would emasculate them. Through their experiences witnessing other marriages growing up, they may have learned that:

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Double Dipping and Business Valuations During DivorceDouble dipping comes in many forms and generally leaves at least one person upset. When it occurs during a divorce, a spouse is giving up an inequitable share of money or assets. “Double dipping” in divorce happens when a spouse’s income is used to determine both:

Many states, including Illinois, try to prevent double dipping by not counting personal income as a marital property. During business valuations, distinguishing personal income from marital property can be difficult. A business is both a shared property and an individual income source. How you determine a business’ value can prevent double dipping.

Valuation Process

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Kane County family law attorneysThe financial implications of a divorce cannot be overstated. This reality is especially true for those that put a career on hold to raise a family or to advance the professional aspirations of their spouse. Even in marriages where both spouses work, one often makes much less than the other and could face financial hardships following divorce. These individuals may need some measure of spousal support to meet necessary expenses.

Earlier this year, the Illinois Legislature enacted a number of significant changes to the divorce laws, including provisions related to spousal support. These changes reflect efforts to make it to easier to get divorced and to give the outcome of divorce cases more predictability. On the issue of spousal support, predictability is extremely important to parties that do not earn a lot of money and must worry about paying the bills on one income following a divorce.

Deciding When Spousal Support Is Appropriate

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annulmentjpgWhen one or both spouses want to end their marriage, they can seek a divorce. Legally, a divorce is a legal declaration that a valid marriage is over. A common misconception is that an annulment is a quicker or easier way to get divorced. In reality, an annulment is a legal order stating a marriage is not valid. In other words, it is a legal order that a legal marriage never actually existed. State law sets out very specific requirements for annulments, which can make it difficult to pursue. However, an annulment may be appropriate in some cases, and could benefit you if applicable.

Requirements for Annulment

Formally known as a declaration of invalidity, a legal order of annulment is rarely granted because of the strict legal limitations. Illinois law states that an annulment can be granted for one of the following reasons:

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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