Spousal support, formerly known as alimony, is a form of financial assistance that one spouse can receive from their former partner. There are many factors that go into determining spousal support and Brian Grady family law attorney has the experience to ensure your needs are met. Contact The Law Office of Brian Grady today at (630) 351-4466 for a consultation.
Spousal support is money paid by one spouse to another in order to help them financially during their transition from married life to single life. Spousal support can take many forms: it can be awarded as a lump sum or as monthly payments. The court will consider several factors when determining whether spousal support is appropriate and how much should be paid out each month (or year).
Considerations for Spousal Support/Alimony
Spousal support will be given to help one spouse financially during their transition from married life to single life. Spousal support is not awarded automatically, but only in cases where there is a need for it and the court finds that it would be appropriate.
In order to determine whether spousal support should be granted and the amount of such payments, Illinois courts consider several factors including:
- The length of time you were married
- Your age at separation
- Whether there are any children involved (and if so how many)
- Your income level before and after separation
- Your assets/property holdings
- What your lifestyle was like during the marriage
- Other factors the court deems relevant
If your divorce decree awards you alimony payments, they may continue indefinitely until the predetermined end date. If you are considering divorce and want to learn what spousal support may look like for you, contact Brian Grady family law attorney at The Law Office of Brian Grady. He truly believes in protecting you and your family and getting you the best results possible.
Illinois Marriage and Dissolution of Marriage Act
Spousal support is governed by the Illinois Marriage and Dissolution of Marriage Act. In 2019, the spousal support regulations changed and there is a basic formula that can be used as a starting point for determining spousal support.
The basic formula for alimony in Illinois is fairly simple:
(33% of the payer’s net income) – (25% of the recipient’s net income) = the yearly maintenance paid. One condition to this is that the amount awarded cannot cause the receiving spouse to earn more than 40% of the couple’s combined net income. Another exception to this formula is for couples who have a combined income of more than $500,000. There is a different way that spousal support is determined for those high net worth couples.
There are many factors considered in determining alimony in Illinois. Brain Grady family law attorney will evaluate every aspect of your case and provide you with the most accurate assessment possible of what alimony will look like for you. His financial background allows him to ensure that nobody is taken advantage of and that everyone’s financial futures will be secure.
