Social networks have become part of the lives of almost everyone nationwide, including Illinois. Years ago, journals were kept for recording daily activities and personal thoughts, and no one dared reading someone else's diary. In contrast, the modern trend is for people to share all their thoughts and actions with the world on Facebook and other social media platforms. Not all Facebook users realize that everything they post can be used as evidence in a divorce, child support or child custody case.
Very soon, the strike of the clock at midnight will be the start of 2019. At that time, the familiar alimony tax rules will be replaced by the Tax Cuts and Jobs Act, which will make received alimony payments taxable income and alimony payments non-tax deductible. Anyone in Illinois whose divorce could not be finalized before New Year's Eve may want to look at other options to consider instead of alimony. It is essential to take into account that the new law will also affect other aspects of a divorce such as home ownership.
It is now a year after the U.S. Congress passed the federal Tax Cuts and Jobs Act. Many couples in Illinois and elsewhere who are in the throes of divorce have pushed to get their cases finalized before Dec. 31. That would ensure that the Internal Revenue Service would continue to allow alimony payments to be deductible for the paying spouse, and taxable for the receiving spouse, none of which will apply after New Year's Eve.
Before tying the knot in Illinois, it is likely with great anticipation that otherwise dreaded tasks are completed. These might include getting a marriage certificate copy and arranging the name change with the Social Security Office and the DMV, opening joint bank and credit card accounts, and ensuring that the names of both spouses are on the residential property deed. The same excitement might not be present when all those changes must be undone in the event of a divorce.
Deciding to end a marriage might be the hardest thing some spouses in Illinois will ever do. Some divorces take months or even years to finalize, and getting a court-ordered legal separation is the best way to deal with all the issues. Although such an order does not end the marriage, it stops the accumulation of marital assets. Anything obtained by a spouse after such an order is issued will be personal assets.
Admitting that marriage has come to an end might seem like one of the most challenging things to do. However, as many in Illinois might know, getting through the divorce unscathed is an even more significant challenge. Along with matters related to children, financial errors made at this time can have long-term consequences. For that reason, knowing which mistakes to avoid might be a significant advantage. The most important task to prepare for a stable financial future is to develop a financial plan.
Ending a marriage is one of the most challenging times for any couple. Navigating a divorce in Illinois requires both spouses to make many difficult choices and decisions that could determine many aspects of their post-divorce lives. Some realize too late that some choices were emotionally motivated rather than made for practical or financial reasons. One common concern involves the decision of where to live.
The lifestyle preferences of different generations seem to affect more than the consumer market. The CEO of a fast food establishment revealed slumping sales -- blaming it on the preference of millennials to prepare home-cooked meals. Illinois residents might also be aware that it was only months ago that a Wall Street Journal report indicated that mayonnaise sales had dropped considerably. Some suggest that this also follows changed lifestyles in which natural foods are preferred. Following another recent study, it was reported that millennials are less inclined to divorce.
Some Illinois couples find that they can no longer live together, but instead of ending their marriages, they choose legal separations instead. Why would they decide not to file for divorce? It is important to note that it is not merely a matter of living apart -- for a separation to be legal, the court must be petitioned.
Impulsion has come back to bite many people in Illinois and elsewhere. Those who marry impulsively may find that the decision could have far-reaching consequences if a divorce soon results. Even though a particular marriage may be short-lived, the legal impact could be long-lasting. Many Illinois spouses who file for divorce after marriages that lasted for only weeks or months may have questions about alimony.