Child support is non-taxable. It’s nondeductible by the child support payer and it’s non-tax includable to the child support recipient. This is rooted as best I can explain it in the concept that child support, while paid by a parent to another parent is nonetheless money that belongs to the child. The recipient parent gets […]
The child support component of payments is not a taxable event. If someone receives a certain amount of money in child support, they do not declare that as income nor does the party who paid the child support claim it as a deduction for either federal or state tax purposes in Illinois. Maintenance, however – […]
Sometimes it does, and those are really tricky situations, because in the process of proving that not all of the cash has been either deposited or taken into account in the federal tax filings that are made by the business owner, there’s a possibility of some exposure to the IRS for the innocent spouse, for […]
Those cases are really interesting for the lawyer who is representing the other spouse in their dissolution of marriage case. Those are some of the trickiest situations that attorneys run into, because when it’s a closely held business that’s operated by the spouse who’s going to be paying maintenance, they have broad discretion on how […]
First and foremost, assets divided in divorce are tax free. However, each party may incur specific tax implications after they’re already divided up. Some of the most common ones are you have to look at in terms of the house and the house benefits, who gets the house. If one party is assigned the house […]
I’d have to ask in what context does the spouse not think the property division is fair? If the question is if the person doesn’t think it’s fair at the settlement stage or whether the parties are still in negotiation before the divorce has been finalized, then the party can instruct his or her lawyer […]
If a stay-at-home spouse signed joint tax returns during the marriage and it turned out the moneyed spouse was under reporting income or making fraudulent claims, can the innocent spouse be protected from prosecution?
Where there are multiple properties, some owned by one spouse before marriage, some income properties and some family residences or vacation homes, how will these be divided on divorce? Are they all subject to division or are some exempt?
How could my income taxes be affected by my divorce?