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July 2018 Archives

How tax law changes affect divorce

The Tax Cuts and Jobs Act of 2017 is having a major impact on how divorcing couples handle property settlements, particularly when it comes to alimony and spousal support. The effects are particularly significant for wealthy couples with high-asset divorces, as the tax effects are multiplied in higher income brackets. The changes will go into effect with the dawning of the new year in 2019, and many wealthy couples are moving quickly in order to finalize their divorces under the existing rules, which will remain in place until December 31, 2018. As long as a divorce is finalized before the end of the year, the former spouses will continue to retain their current tax treatment.

Money problems can lead to divorce

Money problems are one of the many reasons why an Illinois couple may decide to get a divorce. Having a marriage full of financial issues can be extremely taxing to the point where constant arguments and bad feelings can ultimately lead to the end of a marriage. However, there are some solutions that can help get a marriage back on track.

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Gauthier Family Law
945 Lakeview Parkway, Suite 170
Vernon Hills, IL 60061

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