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Springfield, Illinois Divorce Law Blog

Be mindful of capital gains tax in a high asset divorce

42865868_S.jpgIn a recent post, we discussed the income tax treatment of alimony payments. For Springfield residents, who are going through a divorce or who were divorced last year, there are other significant tax implications. One of these is the capital gains tax and its impact on the divorce property division.

When assets are transferred between the parties to a divorce, the IRS does not treat the transfer as a taxable event. But, when a spouse who receives an asset in the divorce later sells that asset, he or she may be liable for capital gains tax on the sale.

Family law situations are stressful; don't go it alone

42271021_S.jpgAny type of family squabble can be a stressful experience. These situations, however, can take on a heightened amount of stress when they grow into a legal dispute. Whether the situation is divorce, child custody, property division or a number of other family law issues, it's crucial to have a level-headed ally on your side.

These types of situations can breed a considerable amount of stress and emotional frailty, through no fault of your own. Events such as divorce and dealing with child custody are some of the most life-changing one can experience, so it's not surprising that it can be difficult to keep a calm and level-headed demeanor. Lashing out because of the emotional stress, however, is not productive to your situation at all. It can, in fact, taint the court's view of your situation and possibly sway the outcome.

Are alimony payments tax deductible?

30807003_S.jpgNow that tax season is upon us, Springfield-area residents who have recently been divorced may be wondering about the tax consequences of their marital dissolution. In this week's post, we'll look at the tax treatment of alimony payments. Alimony, also referred to as spousal support, refers to payments made by one former spouse to help the other recover financially after a divorce.

For the paying spouse, alimony payments are deductible, as long as the payor and the former spouse do not file a joint return for the year in question. The flip side of deductibility for the paying spouse is that alimony is considered taxable income for the recipient spouse. The payments must be reported on Line 11 of Form 1040.

Let us advise you regarding your Illinois military divorce

33822199_S.jpgMany people find the topic of divorce in general to be confusing. Whether it's the large amount of arcane legal knowledge involved or the prospect of negotiating with one's spouse over property division matters, most people leave much of the details to divorce lawyers. Imagine, then, facing a military divorce. This adds military law to the mix, making it that much more complicated for most folks.

How can military divorce be more complicated than civilian divorce? Not too long ago, we told you about how TRICARE health care military benefits might be provided to non-military spouses in a divorce. Basically, the non-military spouse may be eligible for TRICARE benefits if the military spouse meets certain requirements involving length of service and length of marriage. For a person grappling with the effects of a divorce, figuring this all out can be kind of intimidating.

Child custody: physical custody versus legal custody

67009510_S.jpgThere's no use denying that a divorce or separation can very often be an intense ordeal. There are many contentious issues that can crop up, and the issue of child custody is commonly the most contentious. People have strong feelings about the place and manner of the upbringing of their children. Both divorcing and separating couples may find themselves in a child custody dispute.

Springfield parents should be aware that the term "child custody" can refer to two distinct legal concepts, both of which must be addressed when child custody is an issue. The first concept is called physical custody. When a parent is granted physical custody of a child, it means that that parent has the right to have the child live with them for a specified period of time. In some cases, the parents will be awarded joint physical custody, especially when the parents live near each other. In other cases, one of the parents will be awarded sole physical custody, and the other will be awarded visitation rights.

Prominent former congressman ordered to pay child support

67084405_S.jpgIllinois cases in which a couple is at the end of a marriage can be complicated. This is particularly true when there are children involved. Adding to the litany of issues that will arise is when the couple in question is prominent and has significant assets. Those who are involved in a divorce that has the extra issues that accompany a great amount of attention must make certain that they protect themselves from the beginning of the process to the end.

The former United States Congressman Jesse Jackson Jr. has been in the process of getting a divorce from his wife. Mr. Jackson and his wife were both sentenced to jail for having roles in financial malfeasance. They both served their sentences and are now free. Mr. Jackson is getting workers' compensation and disability at this time, and has been ordered to pay child support to his wife in the amount of $1,529 each month for their two children, ages 16 and 13. The payments are set to begin in March.

How do state courts decide if alimony is necessary?

30807004_S.jpgWhen a marriage ends in Illinois, one of the prominent questions that will arise is whether there should be spousal support, also known as alimony. The court will decide if an award is justified, how much it will be and how long it will last.

The court examines each party's income and property, including marital and non-marital property. It also examines the financial obligations that each party must face after the marriage has ended. In addition, the court will weigh the needs of the parties and the earning capacity of each party. The court will also consider issues of fairness. For instance, if one spouse chose to forgo a career in order to allow the other to get a professional education and pursue a career, the court may find this history a mark in favor of granting spousal support to the lesser-earning party.

Can I receive TRICARE military benefits after a military divorce?

There are many military members and former military members in Springfield who have decided to divorce. Divorce issues that worry many the non-military spouses of these military members center around health care military benefits through TRICARE. There are eligibility requirements that must be met. The level of benefits and their duration will depend on the length of the marriage and its status in overlapping with the service member's time in the military. There are two situations to know about: the 20-20-20 rule and the 20-20-15 rule.

With 20-20-20, the non-military former spouse can have TRICARE under their own Social Security number if the following requirements are met: the military member had a minimum of 20 years of service for retirement pay; the couple was married to one another for a minimum of 20 years; and the 20 years of service -- whether it was as an active member or a reservist -- overlaps with the marriage. When these requirements have been met, the non-military spouse will receive a new identification card with his or her own name and Social Security number.

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