Alimony Agreement in Illinois: What You Need to Know
Are you going through a divorce in Illinois and wondering about alimony? Alimony, also known as spousal support, is a payment made by one spouse to the other for financial support after a divorce. The purpose of alimony is to help the receiving spouse maintain the same standard of living they had during the marriage.
If you are considering getting or paying alimony in Illinois, here are some important things you need to know:
1. Types of Alimony
In Illinois, there are four types of alimony:
– Permanent alimony: Payments made until the receiving spouse dies or remarries.
– Rehabilitative alimony: Payments made for a set period of time to help the receiving spouse become self-sufficient through education or job training.
– Reimbursement alimony: Payments made to reimburse the receiving spouse for expenses they incurred during the marriage, such as supporting the other spouse`s education or career.
– Temporary alimony: Payments made during the divorce proceedings to help the receiving spouse with living expenses.
2. Factors Considered in Alimony
When determining the amount and duration of alimony, Illinois courts consider several factors, including:
– The length of the marriage
– The income and earning potential of both spouses
– The age and health of both spouses
– The standard of living during the marriage
– Any financial or property agreements made during the divorce
– Contributions made by each spouse to the marriage (such as raising children or supporting the other spouse`s education or career)
3. Modification of Alimony
Alimony agreements in Illinois can be modified if there has been a substantial change in circumstances, such as:
– Increase or decrease in income of either spouse
– Retirement or disability of either spouse
– Remarriage or cohabitation of the receiving spouse
– Changes in the financial or property agreements made during the divorce
4. Tax Implications of Alimony
As of January 1, 2019, the tax laws regarding alimony have changed. Previously, alimony payments were tax-deductible for the paying spouse and taxable income for the receiving spouse. However, under the new tax laws, alimony payments are no longer tax-deductible for the paying spouse and are not taxable income for the receiving spouse.
In summary, alimony in Illinois can be a complex and emotional issue during divorce proceedings. It is important to work with an experienced lawyer to navigate the process and ensure a fair agreement that meets your financial needs.