Even a relatively straightforward divorce in Rockford, Illinois, can raise important tax questions. Incidentally, depending on the circumstances, these same issues can affect unmarried couples and those choosing to remain married but live in separate households.
Previous posts here have discussed some items that are commonly held by couples with significant wealth, such as shares in a family business or other investments. These sorts of property are commonly at issue during the course of a high asset divorce or separation, but it is good for even happily married couples to have some understanding of how to get a value on a piece of property when it is not possible to just look up the going market price.
As many residents of Rockford, Illinois, may already be aware, this state recognizes what are commonly called prenuptial agreements, but which the law refers to as "premarital agreements". One purpose of these agreements is to specify what happens to a couple's property, particularly property one or the other may have acquired separately, in the event of a divorce.
Divorce can be an expensive process. On average, most Americans can expect to spend around $13,000 on a divorce, provided there are no children involved.
If your spouse serves you with divorce papers, you might feel surprised or shocked. You have been married for several years and have always managed to make it through the rocky times together. You know things have not been perfect in your relationship and thought you were making progress in moving past them. Divorce is an unpleasant reality for many people in the Rockford area. It can also lead to much confusion and conflict when there are high-value assets involved.
Many residents of Rockford, Illinois, have heard about the recent tax reform package that will being to go in to effect even this year. One of the features of this tax reform was a profound change in the tax treatment of alimony.
As is the case in many other states, under Illinois law, Rockford residents are allowed to file for a legal separation in lieu of a divorce. People may want to explore this option for a variety of different reasons.
A previous post on this blog discussed warning signs a Rockford Illinois, resident who is going through a divorce, legal separation or even the breakup of a non-marital union should look for if he or she is at all concerned if the person's spouse or companion is trying to deceive him or her with respect to financial affairs or property.
With the recent passage of the Illinois Collaborative Process Act, our state has both recognized collaborative divorce and set standards that will benefit couples seeking an alternative to a traditional litigated divorce. Now that we understand some of the benefits of collaborative divorce, let's look a little more closely at just what happens during the process.
The end of a marriage is often envisioned as a courtroom battle filled with raw emotions. This is not without reason: for many years, litigation has been a necessary part of the divorce process. However, Illinois recently passed a law officially recognizing an alternative to traditional divorce litigation that may be an option for some divorcing Rockford couples.