Will County Divorce Lawyers - Andreano and Lyons - Attorneys

So under the new tax plan approved by Congress (awaiting presidential approval) alimony will NOT be tax deductible. A strange result given that our president is on his third wife and reportedly paid hundreds of thousands of dollars in alimony to his former wives. What does the new tax bill do? Compare the current law and the tax law as approved by the House and Senate. CURRENT LAW : Alimony and separate maintenance payments are deductible by the payor spouse and includible in income by the recipient spouse. Child support payments are not treated as alimony and is tax neutral. PROPOSED LAW: (about to get signed) Alimony and separate maintenance payments are NOT deductible by the payor spouse and repeals the Tax Code provisions that specify that alimony and separate maintenance payments are included in income. The treatment of child support is not changed. WHEN IS THIS EFFECTIVE? When signed by the president. this change becomes effective for any divorce or separation agreemen...

House Bill 4113 / HB-4113  STATUS 1/20/18: Looks like the bill has been placed into the hands of the Rules Committee. There have about 19-20 co-sponsors to the bill and there was a hearing on the bill in mid-January 2018. There is a major change being proposed to address the battle of "traditional" custody (alternating weekends parenting time) vs. a presumption of equal parenting time - all with such a slight re-arrangement of words. Right now there really is no presumption one way or another although many believe that no presumption for equal parenting time is a presumption against it. I don’t really follow that line of thinking but I agree there is a problem to be addressed – just not this way (using a presumption). With 20 years of practicing family law and seeing presumptions come and go, I think a presumption in any direction is instituting a hurdle that shouldn't be there. A presumption in any form puts its fingers on the scale - many times at the expense of...