If you previously depended on two incomes to sustain your lifestyle, adjusting to one income while supporting your family can be a challenge. As an Illinois resident, here are some tips to keep in mind for taking care of your family after a divorce.
Spousal maintenance
You’re entitled to spousal maintenance in most states if you earn less than your ex. You may receive payments during the divorce and for a period after the divorce is final. You can use a support calculator to determine whether you are eligible.
This payment is based on several factors, including the net incomes of both spouses and the couple’s standard of living. The Illinois State Bar Association states that spousal maintenance is 33.3% of the paying spouse’s yearly net income minus 25% of the receiving spouse’s annual income.
Child support
There are many things to consider after a divorce, especially when you and your former spouse have children. The parent with primary custody is likely eligible to receive child support payments. The payments are also part of spousal support. Rules for enforcing child support are different in each state, but most states use the support calculator to determine payments.
Retirement fund
It’s not always best to make early withdrawals from your retirement fund, but this may be an option if you’re concerned about making sure your family is financially secure after a divorce. You can make an agreement with your ex known as a qualified domestic relations order during the divorce proceedings so that you can make early withdrawals. However, you must make these withdrawals before you are 59 1/2 years of age.
Divorce can completely change your life. You and your spouse once formed a family unit, and now you’re two separate people who may share custody of children. You’ll want to make careful arrangements to ensure that everyone receives the financial support they need.
