New Law Will Change Tax Deductions for Divorced Couples in 2019

 Posted on November 29, 2018 in Divorce

With the new year fast approaching, 2019 is right around the corner. While this is exciting for some, couples who have just filed for divorce or are mid-divorce could see some not-so-nice changes with the new year. A law that was passed in December 2017 will come into effect beginning January 1, 2019, and will affect any couple who has not finalized their divorce by December 31, 2018. Act Will Change Tax Implications For Divorcing Couples The Tax Cuts and Jobs Act (TCJA) was passed in December of 2017 and made changes to the tax code that will affect about half of Americans in some way, shape or form when it goes into full effect at the beginning of the year. For divorcing couples, the TCJA will affect the tax implications of spousal support (also known as alimony). The act will change the existing 77-year-old law on who pays taxes on spousal support. Old Law vs. New Changes Any couple who finalizes their divorce before December 31, 2018, will adhere to the current rules on who pays taxes on spousal support. As of now, the person who is paying the spousal support can deduct the payments on their taxes. The person who receives the spousal support must pay taxes on the payments depending on their tax bracket. Under the new law, spouses who pay support payments will not be able to deduct the amount on their taxes and the spouse who receives the payments will not pay tax on them. Implications of the Change Couples who are currently going through a divorce have more pressure to finalize their divorces before this new law goes into effect. The American Academy of Matrimonial Lawyers estimates that divorces will change significantly in the way they are settled and that divorce cases will become more hostile than before. The organization has also stated that couples who currently have prenuptial agreements should reexamine the documents and update them based on the new law. Get in Touch with an Elmhurst, IL Spousal Support Attorney

It is no secret that a divorce can be a messy and complicated process. With the new law that will take full effect next year, your divorce could become even more complicated. At Weiss-Kunz & Oliver, LLC, you can have peace of mind knowing that we are here to help you throughout your divorce process and will help you make the best decisions about spousal support and its effect on your taxes. Our highly-skilled Lincolnwood, IL spousal support attorneys understand the importance of receiving support and that spousal support is something that you may depend on, especially right after your divorce. Contact our office today to schedule a consultation by calling 312-605-4041.

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Objecting to a Parental Relocation

 Posted on October 30, 2018 in Child Custody

Divorce is difficult and stressful for everyone - there is no doubt about that. Once you completed your divorce and have decided everything from how your marital property is divided to how your parenting time is divided, you probably felt like a weight was lifted off of your shoulders. All of that stress and worrying can come rushing back if you have to move and you want to take your child with you. In Illinois, parenting time can be changed if there is a significant change in circumstances from when the parenting plan was first created - parental relocation qualifies as one of those circumstances. Even if you are not moving out of the state, you cannot just pick up and move if you are taking your child with you. You must seek the permission of both the other parent and the court.

First Steps

Before you do anything, you are required to provide written notice about your intended relocation to the child's other parent. The notice should be issued to the other parent at least 60 days before your intended relocation unless that is not possible. The notice should be filed with the clerk of the circuit court and should include your intended date of relocation, your new address if it is known and the length of time you will be there if the change is not permanent. If the other parent agrees to the relocation, signs the notice and files the notice with the clerk of the court, no further court action will be taken. If the parent fails to sign the notice, objects to the relocation or you both cannot agree on a modification to the existing parenting plan, this is when the courts get involved.

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5 Ways to Uncover Hidden Assets in an Illinois Divorce

 Posted on September 20, 2018 in Lincolnwood Divorce Lawyer

Divorce can be complicated, especially when you are dealing with a high net worth and a spouse who has attempted to hide assets. Though it is difficult to keep financial secrets from your spouse these days, it does not stop people from trying. According to a report by CreditCards.com, nearly 15 million adults have a credit card or bank account that their live-in partner does not know about. Though it can be tempting to hide assets from one's spouse during a divorce, it is not a good idea - in fact, it is illegal. If you think your spouse may be concealing financial resources during your divorce, here are five ways you can begin looking for hidden assets:

1. Look at Tax Returns

The first place you should begin looking for hidden assets is in your taxes. Income tax returns from at last the past five years are a good place to start. Look at where income has been coming from, whether that be your spouse's job, interest, dividends, or capital gains or losses. If something seems off on the tax return, talk to your attorney about it.

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Updates to Law Now Include Guidelines for Pets in Illinois Divorces

 Posted on August 29, 2018 in Divorce

Everyone who is a pet owner knows that their pet is part of the family, and to some people, their pets are even like children. For the longest time, pets were considered property in an Illinois divorce, and the spouse who got to keep a pet was mostly determined by who purchased the animal. A recent change to the Illinois Marriage and Dissolution of Marriage Act now includes a clause about pets which sets out guidelines to determine who gets the pets when spouses get a divorce.

Pets are Treated More Like Children Under New Law

A new law that took effect at the beginning of 2018 now allows pets to be treated more like dependents and less like property. This means that Illinois now recognizes that animals are living beings, and their best interests need to be taken into consideration when a separation is in order. However, it will still need to be determined whether or not pets are considered marital property before any allocation occurs. If a pet is found to be marital property, a judge can now consider certain factors when determining who gets custody of a pet in the divorce.

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5 Ways to Protect Your Business During Divorce

 Posted on July 31, 2018 in Divorce

The American Dream is the belief that anyone can achieve success if they work hard enough. For many people, their own American Dream is realized through business ownership. In 2010, there were reported to be around 27.9 million small business in the U.S. Comparing that statistic to the divorce rate, which is anywhere between 40 and 50 percent, it is safe to say that many divorcing couples have an extra question to ask: what happens to my business if I get a divorce?

Steps to Protecting Your Business

Owning a business is a rewarding experience, which is why you want to protect it at all costs. The easiest and least stressful option for protecting your business in the case of a divorce is to come to an agreement about the business in a prenuptial or postnuptial agreement. If you do not use either of these documents, there are still ways you can protect your business from being divided in a less-than-favorable way:

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Unusual Assets That May Need to Be Divided in an Illinois Divorce

 Posted on June 08, 2018 in Divorce

When considering marital assets that get divided during a divorce, most people think of houses, cars, bank accounts, and retirement accounts. However, there are actually many more assets that divorcing couples may have to figure out how to divide. Sometimes, these odd assets can be forgotten about when couples focus on more obvious and expensive assets, but taking care of the division of these assets early on can save a headache in the future.

Marital and Non-Marital Property

The first step in dividing any assets in a marriage is determining which assets can actually be divided. Anything deemed marital property is subject to division; anything deemed non-marital property is not. In the state of Illinois, the Marriage and Dissolution of Marriage Act dictates what is marital and non-marital property. Marital property is defined as any property, including debts or other obligations, that was acquired by either spouse during the marriage-anything else is non-marital property.

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Understanding the Collaborative Divorce Process in Illinois

 Posted on May 16, 2018 in Divorce

Collaborative divorce has been around since the 1980s, and it has been practiced in Illinois since 2002. The Collaborative Process Act went into effect at the beginning of 2018, officially recognizing collaborative divorce as an option to couples who want to legally separate. The act breaks down guidelines for couples to follow when they decide to pursue the collaborative divorce model, such as signing a collaborative contract and retaining certified collaborative divorce attorneys.

What Is Collaborative Divorce?

The collaborative divorce process begins when the couple and their collaborative divorce attorneys sign a legally binding contract to agree to resolve their marital disputes outside of the courtroom. The point of collaborative divorce is to avoid litigation and keep control over assets, property, child custody agreements, spousal maintenance, or any other issue that may arise during the divorce process.

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The ISBA Spotlights Maxine Weiss Kunz's Work in Family Law

 Posted on April 16, 2018 in Illinois Divorce Attorney

The March 2018 issue of The Catalyst, the newsletter of the Illinois State Bar Association's Standing Committee on Women and the Law, contained an article spotlighting Attorney Maxine Weiss Kunz, looking at her career, her background as a Chicagoland native, her personal life, and the story of how she founded Weiss-Kunz & Oliver, LLC.

This article highlights the passion and dedication that Maxine brings to her work in family law, as well as her achievements and the recognition she has received, including her selection as a 2018 Super Lawyer and as one of 40 Under 40 Attorneys to Watch by the American Society of Legal Advocates.

Along with her colleagues at Weiss-Kunz & Oliver, LLC, Maxine Weiss Kunz works to help clients achieve positive results in cases involving divorce, parentage, allocation of parental responsibilities and parenting time, child support, prenuptial and postnuptial agreements, and adoptions. She is also a certified mediator and collaborative lawyer, and she serves as a guardian ad litem who is appointed by courts to determine children's best interests in family law cases.

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New Calculations for the Duration of Spousal Maintenance in Illinois

 Posted on March 12, 2018 in Divorce

When married couples decide to get divorced, one spouse may be at a disadvantage, and the adjustment to living on a single income can result in difficulty making ends meet. However, according to Illinois law, when one spouse earns a substantially higher income than the other, they may be required to pay spousal maintenance (which is also called spousal support or alimony) to their former partner.

Maintenance allows a spouse to maintain a standard of living after their divorce that is similar to what they were used to during their marriage, and it can be especially helpful for spouses who decided to make sacrifices to their own career in favor of raising children or who helped their partner advance their career and increase their earning potential. However, spouses should be aware of some recent changes to Illinois' divorce laws which affect maintenance awards.

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Divorcing an Alcoholic or Substance Abusing Spouse

 Posted on February 08, 2018 in Divorce

Alcohol and drug abuse are issues that affect millions of people across the United States, and substance abuse is often a factor in the breakdown of a marriage. Studies have shown that there are nearly 25 million people in the U.S. who are in a marriage in which a spouse is an alcoholic or drug addict, and around 7% of divorces are the result of substance abuse issues.

If your spouse has issues with substance abuse, you will likely want to do everything you can to help them receive the treatment they need and salvage your relationship. However, sometimes divorce may be the only option, especially if your and your children's safety and financial security are at risk. If you are planning to divorce a substance-abusing spouse, you should be aware of the following concerns:

Grounds for Divorce in Illinois

While your spouse's substance use may be one of the primary reasons for the breakdown of your marriage, you do not need to demonstrate this in order to file for divorce. In Illinois, the only reason, or “grounds,” necessary for divorce are irreconcilable differences. A petition for divorce will simply state that the marriage has irretrievably broken down, and attempts at reconciliation would not be in the family's best interests. Raising the issue of substance abuse when filing for divorce may only complicate the process, so it is best to speak with your attorney about how to address these issues during the divorce process.

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