Tag Archives: Kane County divorce attorney

Your Options Without the Alimony Tax DeductionStarting with divorce agreements created this year, people who pay spousal maintenance as part of a divorce can no longer claim those payments as a deduction on their federal income taxes. The alimony tax deduction was used as an incentive for a spouse to pay more maintenance after the divorce. Maintenance recipients will save on taxes because the payments are no longer part of their taxable income. However, they may have more difficulty negotiating a maintenance agreement with their spouses and may not receive as much maintenance as they would have when the deduction existed. There are financial strategies available during divorce that you can use as an alternative to spousal maintenance or that could replicate some of the benefits of the alimony deduction.

  1. Property Division: You could forgo spousal maintenance and give the recipient spouse more marital properties instead. There is more certainty in the value of properties than in what you might pay or receive in spousal maintenance over several years. The transfer of money or assets between spouses during a divorce is non-taxable.
  2. Lump-Sum Payment: The spousal maintenance could be paid as a lump sum as part of the divorce. You would be free of continuous maintenance payments and any financial ties to each other once your children are adults. However, you must determine what a fair lump-sum payment would be and have the money available to make that payment.
  3. Retirement Benefits: You could use the money that you would have paid towards spousal maintenance and invest it in a retirement fund, which your spouse would receive payments from. In some situations, contributions to retirement plans can be tax-deductible. The recipient spouse would pay taxes on the money they receive from the fund but may collect more money than they would have from spousal maintenance. This plan is most effective if you are both near retirement age, so you can avoid early withdrawal penalties.
  4. Charitable Remainder Trust: If you have philanthropic interests, you could create a charitable remainder trust with your spouse as the beneficiary. The fund would pay to the beneficiary for a set period of time, and the remaining money would be donated to a charity. As with the alimony deduction, the payor could receive tax deductions for the contributions, and the recipient would be taxed for the payments.

Contact a St. Charles Divorce Attorney

The changes to the federal tax law have made reaching a spousal maintenance agreement more complicated. A Kane County divorce lawyer at Goostree Law Group can help you negotiate a reasonable maintenance agreement. To schedule a free consultation, call 630-584-4800.

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Repairing and Building Your Credit After DivorceHaving good credit helps when you are responsible for supporting yourself after a divorce. It gives you the option of borrowing money to finance your immediate needs, such as purchasing a new home. Bad credit history or no credit history are obstacles to your financial stability but can be overcome with proper planning. Two of your goals during your divorce should be to protect or repair your credit and to work on building your individual credit.

Existing Credit

You need a current credit report to understand your financial situation, which you can purchase from a major credit bureau. Your current credit rating is likely based on:

  • Marital debts;
  • Business debts; and
  • Debts from before your marriage. 

Equitably dividing your marital debts is part of the divorce process. Marital debts are personal debts created during the marriage. With business debts, both spouses may be liable if they co-signed on the debt agreement or the business is not a limited liability company. Debts that predate a marriage are not shared during the divorce unless the spouse agreed to assume liability for the debt.

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Dealing with Illness While Going Through DivorceSometimes, your body seems to have a knack for knowing exactly the wrong time for you to get sick. During a divorce would be one of those times because being sick could interfere with you completing the process while balancing your work and personal responsibilities. Of course, feeling ill during high-stress events is not always a coincidence. The constant stress can weaken your immune system or cause its own maladies. Some people going through divorce lead an unhealthy lifestyle because of how hectic their lives are. Though you may think you cannot afford to be sick, you must take steps to protect your health:

  1. Know When to See a Doctor: Sometimes, a little time off is what you need to help yourself feel better. However, you may need to schedule a doctor’s appointment if your symptoms are particularly bad, persist for a couple of days or reoccur somewhat frequently. Do not assume that your illness will go away on its own. Your symptoms could be from a minor bug or a major illness. You will not know unless you see a doctor.
  2. Take Your Health Seriously: If you do see a doctor, it is important to follow their instructions for how you can feel better. Obviously, take the medicine your doctor prescribes and tell them if you have any adverse side effects. Your doctor may suggest that you change your diet, get regular exercise and find more time to sleep or relax. Try to incorporate these changes into your lifestyle, even if it may take time out of your schedule. Feeling healthier can make you more productive during your working hours.
  3. Tell Others About Your Health: Whether it is a temporary illness or chronic condition, the people in your life need to know about your health in order to help you. Your divorce lawyer needs to know whether your illness will affect your availability or if they can help relieve some of your stress. Your work supervisor may understand that you need a little time off in order to come back as a healthier employee. Your friends and family can help you with your daily tasks, including watching your children. Suffering in silence will only make your recovery more difficult.

Contact a St. Charles Divorce Attorney

We cannot plan for when we get sick but can plan for how we will respond to it. You need to tell your divorce team if the stress from the process is affecting your health. A Kane County divorce lawyer at Goostree Law Group will handle the complicated legal matters. Our divorce coach can suggest strategies for coping with stress. To schedule a free consultation, call 630-584-4800.

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Affording a New House as a Single ParentWhen parents divorce, at least one of them must find a new home for them to live with their children. In some cases, both parents are searching for a home if they sell their marital home. It can be difficult to purchase a house as a single parent. You must find a home that is within your price range but still meets your family’s needs. It may also be more difficult to receive a mortgage as a single parent. To purchase a home, you will need to plan ahead and use the resources available from your divorce agreement.

Assess Your Situation

Before hitting the housing market, you must identify what you need and what you can afford. Your needs may depend on how many children you have and their ages. Young children of the same gender may be fine with sharing a room, but older children need more privacy and space. Your housing expenses are a major component of your budget after divorce. Besides your job income and living expenses, you must consider divorce-related assets and expenses, such as:

It may be unwise to devote all of your available assets toward purchasing a home if you can find an acceptable home at a lower cost.

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Why Parenting Time Is Different from VisitationThe terms “parenting time” and “visitation” are sometimes loosely interchanged with each other when discussing the allocation of parental responsibilities after a divorce or separation. When the children spend the majority of their time with one parent, the other parent may feel like they are seeing the children only during weekend visits. However, visitation is different from parenting time, both in legal definition and concept. Saying that your children visit you is demeaning to your relationship with them.

Legal Meaning

Illinois revised its Marriage and Dissolution of Marriage Act to replace the words “child custody” with “the allocation of parental responsibilities.” Parental responsibilities are made up of:

  • Decision-making, which is the right to decide important issues regarding the children; and 
  • Parenting time, which is the regularly scheduled time in which a parent is responsible for caring for the children.

The written agreement that divides these parental responsibilities is called the parenting plan. There is a separate section in the law for visitation, which is defined as the time spent between a child and a nonparent, such as a grandparent, stepparent, sibling, or other designated parties. Nonparents can petition for visitation with a child if they can prove that it is in the best interest of the child or the parent has unreasonably denied them visits.

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Goostree Law Group

Goostree Law Group

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

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 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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