Wakenight Divorce Lawyers Assist with Alimony Calculations
If you are the lower wage earner in your marriage spousal maintenance may be essential for your financial success following divorce. Conversely, if you are the higher wage earner having to pay maintenance may be a huge financial burden that will limit your ability to, likewise, be financially successful.
Regardless of whether you will be paying or receiving spousal support, you need to work with a skilled attorney who can ensure that the calculations used to determine these payments take all relevant factors into account.
The attorneys of Wakenight & Associates, P.C. have been working in the field of family law for a combined total of more than 50 years. We know the spousal maintenance laws in Illinois, as well as the other issues that spouses must address during divorce, and we can provide you with dedicated representation to ensure that the spousal support you pay or receive will be appropriate for your situation.
Illinois Spousal Support Calculations
If spousal maintenance is awarded in a divorce case, the guidelines provided in Illinois law will be used to determine the amount to be paid, as well as the duration that payments will last. To calculate maintenance, 25% of the recipient’s net income is subtracted from 33.3% of the payor’s net income. However, the sum of the recipient's income and the maintenance payments are limited to 40 percent of the couple’s combined net income.
For an example of how maintenance calculations work, imagine that Mary earns an annual net income of $250,000, and James earns an annual net income of $80,000. 25% of James’ income ($20,000) would be subtracted from 33 1/3% of Mary’s income ($83,333.33) to make a total of $63,333.33. However, if this amount is added to James’ income, it makes a total of $143,333.33. 40% of James’ and Mary’s combined income is $132,000, so the maintenance James receives would actually be $52,000 per year.
The amount of time following the divorce that one spouse will pay alimony depends on how long the spouses were married. The duration of alimony starts at 20% of the length of the marriage for marriages of less than five years, and the percentage increases for every year of marriage after that. For marriages of 20 years or more, spousal support will be paid for the full length of the marriage, or it will be paid indefinitely. For example, if James and Mary were married for eight years, Mary will pay James maintenance for 36 percent of the length of their marriage, or 2.88 years.
Notably, the guidelines provided in Illinois law apply for couples with a combined gross annual income of less than $500,000. The amount of maintenance in high net worth divorce cases in which couples earn more than that total will be decided by a judge on a case-by-case basis. However, regardless of a couple’s net worth, it is essential to work with an attorney to determine what sources of income should be considered and what deductions may be taken in order to calculate each party’s net income, ensuring that spousal maintenance is calculated correctly.
Contact a Wakenight Divorce Attorney for Free Consultation
Proper calculations of spousal maintenance are essential for ensuring your financial success after divorce. Our attorneys will work with you to address your concerns and protect your rights throughout the legal process, helping
you reach a positive outcome to your case. COVID-19 has forced us to work remotely. We are available for video conferencing, however. Our corporate phones are now in our homes and we have several numbers where you can reach us: 708.848.3159 or 815.727.6144 or 630.852.9700. Our experienced attorneys can help you. We welcome your questions and calls.
