In an Illinois divorce, the court may award long-term maintenance, or alimony, to either spouse based on a number of factors. Long-term alimony is generally appropriate when one spouse is unable to earn an independent living. Depending on the case, spousal maintenance may last for a set number of years or continue indefinitely until either party dies or the recipient remarries.
Defining Alimony for Tax Purposes
As a general rule, the Internal Revenue Service considers alimony to be a form of taxable income. This means the receiving spouse must report all maintenance payments for the year on his or her federal income tax return (usually Form 1040) as part of his or her gross income. Conversely, the spouse who pays alimony can deduct it from his or her own gross income.
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If you are considering a divorce or are already going through divorce proceedings, you may be curious as to how
In Illinois, courts may order one spouse to
When you are going through a divorce, you are faced with a host of financial issues. Often,
Alimony, also known as 