One way many Rockford, Illinois, families make extra money is by purchasing and then renting out additional real estate. Sometimes, this business can be quite lucrative, even to the point where a couple can make a very decent living just managing their properties full time.
Previous posts on this blog have talked about how Rockford, Illinois, residents can benefit from having prenuptial agreements. One of these posts described how Illinois has certain minimum requirements that people must follow if they wish to create an enforceable prenuptial agreement, that is, one which ultimately will be upheld by a court in the event of a divorce or, for that matter, even a probate contest.
This blog has previously discussed how some aspects of divorce or separation decrees can be changed under certain circumstances. For instance, child support and the allocation of parental responsibilities can be reviewed periodically at the request of either parent.
There is a fairly common conception, largely based on anecdotal evidence, that a lot of couples in Rockford and in other parts of the country face divorce or permanent separation at the first part of every new year, starting in January.
This blog has reported previously on the fact that the tax treatment of alimony, which often called spousal maintenance or spousal support, will be changing on January 1.
Some Illinoisans might have the image of the way property division working in a divorce, in a legal separation or even in the case a separation of an unmarried couple, who has been married for a while to be a process that pits the couple against one another. As such, many people retain a divorce lawyer to help them get through what they see as an imminent, and important, legal battle that could be the difference between financial ruin and ongoing relative security.
A previous post on this blog talked about a common financial trap that people fall into by exploring another job or career right after a split. This post specifically warned that a person who quits a job for a lower-paying position during a divorce may get stuck with high child support or spousal support bills that she cannot pay.
This blog has previously discussed a change in how the federal tax code will treat alimony payments. Specifically, alimony will not be tax deductible for those who pay if the divorce order or agreement is executed after the end of this year.
In high asset divorces, it is quite possible that one of the parties will own an offshore account. It may, therefore, be helpful for Rockford, Illinois, residents to understand exactly what an offshore account is, and when it might matter in a divorce or legal separation case.
As any resident of Rockford, Illinois, who has been through a divorce or other split would likely say, that it is time wrought with heavy emotions.