Income Producing Assets And Maintenance In An Illinois Divorce - Russell D. Knight

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From Law Office of Russell D. Knight - In the article 'Income Producing Assets And Maintenance In An Illinois Divorce,' we explore how Illinois divorce courts handle maintenance decisions when income-producing assets are involved. Illinois divorce law requires courts to consider the income and property of each party when determining if maintenance is appropriate. This means that the income generated from awarded assets, whether marital or non-marital, can significantly influence the maintenance calculation.

The article delves into how Illinois courts apply the maintenance guidelines, which generally take into account all sources of income, including investments and other assets. However, when the combined income of the divorcing parties exceeds $500,000, or when certain other conditions are met, Illinois courts may deviate from these guidelines. This allows for a more individualized approach, focusing on the fairness of the maintenance award rather than strictly adhering to a formula.

Additionally, the article discusses the concept of "double dipping," where income from assets awarded in the divorce is considered for ongoing maintenance payments. Illinois divorce courts are careful to avoid this, especially when retirement accounts are involved. The interpretation of what constitutes income can vary across different judicial districts within Illinois, as highlighted by various decisions from the Illinois Appellate Court.

Finally, 'Income Producing Assets And Maintenance In An Illinois Divorce' emphasizes the importance of understanding how income from assets will impact maintenance awards. The article underscores the necessity of working with a knowledgeable attorney to navigate these complex issues, ensuring that both the maintenance payer's and recipient's rights are fairly represented in Illinois divorce court.
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