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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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DuPage County spousal maintenance attorney

In some divorce and separation cases, a higher-earning spouse is required to make payments to a lesser-earning spouse. These payments are called spousal maintenance under Illinois law, but they are also commonly referred to as spousal support or alimony. There are a variety of reasons that a spouse may be required to make these types of payments. Spousal maintenance arrangements may be stipulated in the couple’s prenuptial agreement, or a large discrepancy in the spouses’ assets and incomes may necessitate maintenance. Whether you are the payor or the recipient of spousal support, you may be wondering how long maintenance payments will be mandated. Like most family law concerns, the answer will depend on several factors.

Spousal Maintenance Duration

If the spouses have signed a valid prenuptial or postnuptial agreement that specifies the terms of spousal maintenance, the court will typically uphold these terms. If the spouses did not have an agreement dictating spousal maintenance arrangements, the court will consider factors such as the spouses’ income, assets, employability, health, impairment to future earning capacity, and other elements to determine whether maintenance is appropriate. Typically, spousal maintenance is intended to give a lesser-earning spouse time to gain the skills and education needed to become self-supporting, and it can also ensure that a person is able to maintain the standard of living they enjoyed during their marriage.

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Burr Ridge gray divorce attorney

Although the overall divorce rate in the United States has been declining, there is one demographic that is experiencing a major increase with regard to the number of couples getting divorced. Interestingly, the divorce rate for adults over age 50 has doubled in the last few decades. Getting divorced after age 50, referred to as “gray divorce,” can be much more complicated than divorcing at a younger age. If you are considering ending your marriage, and you are nearing retirement age, there are certain considerations you should keep in mind.

Property Division During a “Gray Divorce” Can Be Complex

Older couples typically own higher-value and more complex assets than younger couples do. Assets like businesses, retirement accounts, life insurance policies, investments, and social security benefits can be difficult to value and divide. Retirement accounts are usually considered a marital asset, which is subject to division under Illinois equitable distribution laws during a divorce. However, funds accumulated in an IRA, 401(k), or pension before a couple got married may be considered non-marital and therefore not subject to division. Depending on the circumstances, you may need to get a court order called a Qualified Domestic Relations Order (QDRO), which dictates how retirement account funds are divided between divorcing spouses.

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Burr Ridge high-asset divorce attorney

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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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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