Spousal alimony

[Lookforward]

What is the name of your state? IL

I have been married for 10 years and live in Illinois. I am wondering whats the formula. How long does one get alimony

Thanks

 

[Ohiogal]

What is the name of your state? IL

I have been married for 10 years and live in Illinois. I am wondering whats the formula. How long does one get alimony

Thanks

Maybe not at all. Maybe for 1/2 the length of the marriage. Depends on a lot of information you have not shared -- incomes of both spouses, assets available, earning potential, education, debts of the marriage,....

 

[Lookforward]

Hello its as follows
last year income of both spouses
Wife 185k (MD)
Husband 75k (M.B.A)
No debts

Wife Assets 550k
Husband Assets 650k

Premarital property husband 125k
Gift from parents to husband 400k



Thanks

 

[adjusterjack]

I have been married for 10 years and live in Illinois. I am wondering whats the formula. How long does one get alimony

The IL statute lists all the factors involved:

https://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm

With those incomes and asset levels I doubt whether either of you will get alimony.

 

[Lookforward]

Thanks, guys just to add i have already told my STBX that i don't want the spousal support and will waive it.

My issue is that my STBX wants everything divided in the middle even the gifts from my parents and pre-marital property which in my opinion is somewhat unfair.

 

[stealth2]

My issue is that my STBX wants everything divided in the middle even the gifts from my parents and pre-marital property which in my opinion is somewhat unfair.

Depends. If those were in any way commingled with marital assets and/or used to purchase marital assets, she may well be entitled.

 

[Lookforward]

@stealth it was never comingled. My parents transferred 2 property on my name in overseas country. The property was gifted to me and my siblings

 

[Ohiogal]

@stealth it was never comingled. My parents transferred 2 property on my name in overseas country. The property was gifted to me and my siblings

Have you used ANY marital income to pay for upkeep or taxes or anything else?

 

[stealth2]

Have you used ANY marital income to pay for upkeep or taxes or anything else?

Also - do you receive any rental income that is not kept in a separate (i.e. non-marital) account?

 

[Lookforward]

For one of my account yes the taxes were around 60-100$ a year just a ball park
The house under my sibling and me has no rental income and a document that clearly states my mom transferred and gifted one property to her children

Also curious about the following

last year income of both spouses
Wife 185k (MD)
Husband 75k (Masters)
No debts

Wife Assets 550k in assets
Husband Assets 650k assets

Premarital property husband 125k
Gift from parents to husband 400k

My lawyer suggested that marital property might be divided 50/50 but it might might offset sinse she will pay spousal support
I am just trying to get a different opinion.
Thanks

 

[zddoodah]

My lawyer suggested that marital property might be divided 50/50 but it might might offset sinse she will pay spousal support
I am just trying to get a different opinion.

It's worth pointing out that the overwhelming likelihood is that your divorce will resolve by a mutually agreed settlement that is incorporated into an enforceable divorce decree.

If you don't want alimony and your wife doesn't want to force it on you, then that's that. However, waiving alimony at the outset might be a bad idea because it can be used as a bargaining chip in connection with negotiations to divide marital assets.

Division of assets will be whatever you can mutually agree to.

IF you can't come to an agreement, then the court will, at great expense to you and your wife, divide your marital property in a manner that it deems to be equitable based on a whole bunch of factors that you can find by googling. Gifts that your parents gave only to you should not be part of that division.

 

[Just Blue]

For one of my account yes the taxes were around 60-100$ a year just a ball park
The house under my sibling and me has no rental income and a document that clearly states my mom transferred and gifted one property to her children

Also curious about the following

last year income of both spouses
Wife 185k (MD)
Husband 75k (Masters)
No debts

Wife Assets 550k in assets
Husband Assets 650k assets

Premarital property husband 125k
Gift from parents to husband 400k

My lawyer suggested that marital property might be divided 50/50 but it might might offset sinse she will pay spousal support
I am just trying to get a different opinion.
Thanks

Do you and your wife have children together?

 

[Lookforward]

Just Blue@ Yes we do and we are fighting on custody currently

 

[Lookforward]

It's worth pointing out that the overwhelming likelihood is that your divorce will resolve by a mutually agreed settlement that is incorporated into an enforceable divorce decree.

However, waiving alimony at the outset might be a bad idea because it can be used as a bargaining chip in connection with negotiations to divide marital assets.

Thanks for your input i did verbally mention it to her a few times that was because initially she said that she would like to keep her asset based on that i said i will waive spousal support, now she wants whatever she can get (as is in most divorce i assume)

My lawyer said the same that we can use that to bargain for other assets just like you said.

 

[not2cleverRed]

Just out of curiosity: were the MD or MBA earned during the marriage?