Parents in Illinois will go to the ends of the world in order to protect their children. While it is impossible to protect young ones from all the risks, downfalls and upsetting situations in life, parents have the ability to reduce the negative impact certain life events can have on their children. This is especially true for those parents ending a marriage. It is clear that this process will alter the life of their children; however, there are opportunities to reduce this.
Filing for divorce is by no means easy. And even if one or both spouses agree that it is best for them to end their union, this does not mean that there aren't any emotions or that they are not hurt by the fact that their marriage is over. In some cases, divorcing couples in Illinois and elsewhere might be faced with difficult divorce decisions, causing a heated debate. And while no one intends to or expects that their dissolution will resemble a battle filled with conflict, the fact of the matter is that this could happen.
Filing for divorce can be an emotional process to initiate and progress through. Nevertheless, divorcing couples in Illinois may still believe that divorce is in their best interests. Therefore, they will endure the ups and downs of the divorce process. Because litigation is often looked at as an emotional, lengthy and costly process, some divorcing couples seek alternative methods when reaching a divorce settlement.
In 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.
Now 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.
Illinois 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.
Springfield residents who are preparing to divorce will frequently have a difficult time dealing with such an emotional time. The last thing on their minds are the various ramifications of a divorce if they do not take certain steps and precautions. However, it is important to remember these issues. This is particularly wise at the start of the new year, as research has shown that many people file for divorce in January.