Divorce brings about a number of financial implications. If you are a parent planning to divorce, one of the most pressing financial concerns you may be facing is your child’s college education. Public and private university tuition has skyrocketed in the last several decades. While you were married, you probably assumed that you and your spouse would finance your child’s college education together. Now that your Illinois marriage is ending, you may be unsure of how to deal with college-related costs for your son or daughter.
Child Support May Extend into College Years
When most people think about child support, they assume that a recipient parent is only entitled to support while the child is still a minor. However, an Illinois child support obligation may extend past the child’s 18th birthday if he or she is still in school. Illinois law gives courts the authority to allocate college-related expenses to unmarried or divorced parents. These expenses typically include tuition, textbook rental, course fees, housing, and healthcare. In many cases, a divorced couple’s marital settlement agreement addresses how college expenses should be handled.
Child support is an important source of financial support for divorced and unmarried parents. It can also be significant financial responsibility on the part of the paying parent or “obligor.” If you have a high income and are planning to divorce, you may have questions about how your financial status may affect your child support order. Illinois uses the “Income Shares” model to determine child support. The amount an obligor pays in child support is mostly based on the discrepancy between the two parents’ net incomes, but other factors may also play a role in child support calculations.
Statutory Guidelines for Child Support Payments
Considerable modifications and updates to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) went into effect in 2017. Child support payments in Illinois used to be based solely on the obligor parent’s income and the number of children requiring support. Illinois now uses a child support calculation method that takes both parents’ net incomes into account. The parent with the majority of parenting time, previously called the custodial parent, receives child support while the parent with less parenting time is the payor. Child support payment amounts based on statutory guidelines are determined by the following main steps:
Leaving the workforce to become a full-time mother or father can be a huge advantage to your children as well as a risky career move. When you first decided to stay home with your children, you probably made the choice because it was in your children’s best interests. You placed your own professional goals on hold for the betterment of your family and trusted that your spouse’s income would sustain you. Now that you are facing the end of your marriage, you may have major concerns about the financial consequences brought on by the impending divorce. Fortunately, Illinois law provides several options that may help mitigate the negative financial effects of divorce for homemakers and stay-at-home mothers and fathers.
Non-Financial Contributions Are Considered
Spousal maintenance refers to payments that the spouse with a higher income makes to the spouse with the lower income after divorce. If you and your spouse have already reached an agreement about maintenance through a valid prenuptial agreement, the court will likely uphold this agreement. If you do not have a marital agreement addressing maintenance, you have the right to petition the court for spousal maintenance. When deciding whether or not to award maintenance or alimony to a spouse, Illinois courts consider each spouse’s income and property, in addition to his or her needs. They also take into account any impairment to a spouse’s present and future earning capacity caused by child care obligations. The amount and duration of spousal maintenance is usually determined by statutory formula. If the combined yearly income of the spouses is greater than $500,000, the courts may deviate from the statutory formulas.
If you are considering divorce, you may have several questions about how it will impact you and your spouse financially. If you share children with your spouse, it is likely that either you or your spouse will be required to make child support payments to the other. Child support allows a child to benefit from the financial support of both of his or her parents, even when the parents are not married or living together. Child support can be a major expense for the paying parent, and it also represents a major source of financial sustenance for the receiving parent. Whether you are the payor or recipient of child support, it is important to understand how child support payment amounts are calculated in Illinois.
Income Shares Guidelines
The way child support is calculated in Illinois underwent dramatic changes in 2017. Prior to the change, child support payment amounts were based only on the paying party’s income and the number of children needing support. This outdated calculation method was replaced by the Income Shares calculation model. This method takes both parents’ net incomes into consideration. With this method, a child support obligation will be determined based on the parents' combined income and the number of children they have together. This amount will represent what parents would be expected to spend to care for their children if they remained married. The support obligation will then be divided between the parents according to each parent's percentage of their combined income. Typically, the non-custodial parent who has the minority of the parenting time with the couple's children will pay his or her portion of the child support obligation to the custodial parent.
Child support payments can be a significant expense, but they are also vital to helping unmarried or divorced parents share the costs of raising their child. Child support amounts are calculated using the Income Shares model in Illinois. Both parents’ net incomes and other factors are used to determine a fair, reasonable child support arrangement. However, circumstances can change, and a parent may need to modify a child support order, whether he or she is the paying or receiving parent.
Adjusting Child Support
Illinois child support orders are eligible for a “modification review” every three years, but this does not mean that a modification will automatically be granted. During the modification review, the parents’ financial circumstances and other information are evaluated in order to determine if a modification is necessary. Child support orders may also be eligible for modification if there has been a “substantial change in circumstances,” the child’s healthcare needs are not being met, or there is a considerable difference between the current child support order and the child support guidelines established by Illinois law.
According to Illinois divorce laws, child support obligations are calculated using a method called the “Income Shares” model. In order to determine a child support order that is feasible and adequately provides for the child’s needs, this model takes each parent’s net income, parenting time, and other factors into consideration. Most child support orders terminate when the child turns 18 years old and graduates high school. However, sometimes a child has special needs that require non-minor child support well into adulthood.
Child Support for an Adult With a Disability
Once a child is able to become financially independent and start his or her adult life, child support payments are typically no longer necessary. However, if a child has a disability, he or she may need the financial assistance provided through child support as an adult. Either parent may petition the court for non-minor child support if a child has any type of mental, physical, or intellectual disability. When determining a child support order for a disabled adult child, the court will consider a variety of factors, including:
Child support can help divorced or unmarried parents share the costs of raising their children. Child support orders in Illinois are created using the Income Shares method. This means the amount a parent pays in child support is based on several factors, including the parents’ income, the amount of parenting time each parent has, and the expenses that are necessary to provide for children's needs. Sometimes, a parent needs to modify the amount he or she pays in child support. However, certain criteria must be met in order for Illinois courts to grant a child support modification.
Orders Are Eligible for Review and Modification Every Three Years
Illinois assigns child support orders that are fair and reasonable based on the parents’ financial circumstances and the child’s needs. Because of this, parents cannot change a child support order simply because they want to pay a lower amount. Child support orders are automatically eligible for review every three years. During the review, the current child support balance, the non-custodial parent’s employment circumstances, and other applicable information may be analyzed. If it is determined that the child support obligation needs to be adjusted, the case can be submitted for modification.
The divorce experience is different for everyone. A young couple who does not have children, own a home, or have valuable assets may be able to get a divorce relatively quickly and effortlessly. The more assets you own and the more complex those assets are, the more likely it is that you will have a complicated divorce. If you are planning to end your marriage, and you and your spouse have a high net worth, own complex assets, or have high-value assets, your divorce may involve more negotiations. There is much more at stake in a high asset divorce, so it is crucial for couples in this situation to be informed about the unique issues presented by a high asset or complex asset divorce.
Child Support and Spousal Maintenance Payments Are Usually Much Larger
Illinois child support orders are decided using the “Income Shares” method. This approach involves evaluating each spouse’s income, determining the total amount of support for which the parents are collectively responsible, and then splitting the cost between the spouses in proportion to their incomes. Similar to property division, the spouses’ financial circumstances must be fully understood before a child support order can be entered by the court.
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