It is important to consider the tax implications of your divorce so that you do not receive a surprise at tax time. Money that changes hands from one spouse to the other in a divorce may be taxable, and if you sell any of your joint property at a gain, that income may also be taxable. This post will focus on the income tax implications of paying and receiving Child Support, Spousal Maintenance, and “Unallocated” Support.
You and your spouse are divorcing. You both want what’s best for your children but can’t agree on how to co-parent. Can you work together with help to find a solution together? Below are some of the questions you may have:
- Where should my child live?
- What school should my child attend?
- What pediatrician should see my child?
- How can I ensure my children have enough time with both parents?
Your attorney will discuss these concerns with you as well as the options available to divorcing parents in your unique situation. In Cook County, you both will be referred to an accredited parenting class, in order to learn how to effectively co-parent even after you’ve separated. You will learn how to handle working with your former spouse to raise your children to love and respect both parents. You will learn how to handle delicate issues such as payment of child support, or how to speak to your children about your divorce. You will also learn how to protect your children from the most difficult aspects of your divorce, while still answering their questions in an open and honest manner.