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Do Wealthy Spouses Pay More Spousal Support?
Nobody gets married in Illinois anticipating an eventual divorce, but the unfortunate reality is that couples must sometimes end unhealthy or unhappy relationships. Divorce requires many complex issues to be resolved, and one of the most difficult among these is the issue of spousal maintenance (also known as spousal support or alimony). When a spouse or a couple has a high net worth, spousal support means a lot of money could be at stake for both parties. Understanding how spousal support works in Illinois is essential for ensuring your divorce is handled fairly.
Why Is Spousal Support Necessary?
Regardless of which spouse makes more money, married couples share their standard of living. Divorce can cause serious financial hardships for a spouse who earns less than their partner or who has left the workforce to be a homemaker; Illinois law provides spousal support in certain circumstances to mitigate the financial difficulty of divorce. Spousal support is intended to help a previously dependent spouse get back on their feet and become self-sufficient.
How Is Spousal Support Calculated?
Illinois has a specific formula that is used as a guideline for determining spousal support payments. Generally, payments are determined by subtracting 20% of the receiving party’s income from 30% of the paying party’s income. So if one spouse makes $5,000 a month and the other spouse makes $2,000, monthly payments would be around $1,000. This formula applies to spouses with a combined gross annual income of less than $500,000.
However, for spouses who make more than that, spousal support calculations are excluded from the formula. If couples cannot agree on support payments, the amount is left to the discretion of a judge. This can be unpredictable and result in very high or very low payments that one or both spouses are dissatisfied with. To avoid an unpleasant surprise, most high-net-worth couples will try to reach a compromise outside of court with the help of their attorneys.
Meet with a Kane County Spousal Support Lawyer
Getting divorced is complicated, but it is much easier when you have the support of a St. Charles, IL spousal support attorney who understands the ins and outs of Illinois divorce law. At Shaw Sanders, P.C., we work hard to provide our clients with the information and representation they need to succeed after divorce. Whether you anticipate paying or receiving spousal support, we can help. Call our office at 630-584-5550 to schedule your free consultation today.
Sources:
https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000
https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K504
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