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Parties in a divorce proceeding, either one or both, could be in the process of being audited by the Internal Revenue Service or Illinois Department of Revenue either for personal or business reasons.
Wills can be cancelled or revoked. A divorce revokes a bequest given to the former spouse if the Will was in effect prior to a Judgment of Dissolution of Marriage being entered by the Court. However, the entirety of the Will may not be revoked. Although any testamentary provision to a former spouse may be treated as if the former spouse previously deceased the testator, other portions of the Last Will and Testament may remain in full force and effect.
A Last Will and Testament, that contains provisions for a former spouse, is not revoked by entry of a Judgment of Dissolution of Marriage. The terms and conditions of any valid Last Will and Testament remain in full force and effect, expect that there is an exception in regard to those terms and conditions that provided for property distribution to a former spouse. In that situation, if a Last Will and Testament was executed prior to a Judgment of Dissolution of Marriage being entered, the Last Will and Testament is treated as if the former spouse predeceased the testator.
If there is no Last Will and Testament, and property passes by way of intestacy, if a dissolution of marriage proceeding is pending, and a spouse dies, the surviving spouse enjoys any rights of intestacy, or inheritance, regardless of the status of the dissolution of marriage proceeding so long as a Judgment of Dissolution of Marriage has not yet been entered.
All tax returns should be filed timely, including to avoid any civil and/or criminal tax issues. Going through a divorce is not a basis for not filing income tax returns timely.
If one or both spouses, going through a divorce, have ongoing, profitable business operations, in general, efforts should be made to preserve those business operations. If at all possible, in terms of division of marital assets, instead of selling economically viable operating concerns, there could be staggered buyouts or loans as opposed to selling any profitable business.
Should Parties Make Wills or Change Their Wills or Other Estate Planning Documents During the Pendency of a Divorce Proceeding?
The laws of intestacy, or inheritance, provide for spousal rights in various states. If divorcing parties have wills or other estate planning documents in place, same may also provide for testamentary disposition, including for the spouse they are divorcing.
Stock options, or the granting of stock options, can be a valuable asset within the marital estate. Although common stock is an asset, the granting of stock options, including relating to common stock, can be taxed as income.
How to Handle Internal Revenue Service Audits, Income Tax Adjustments After a Judgment of Dissolution of Marriage
The tax system is a matter of self-assessment. That means that each individual, required to file an income tax return, barring any disability, is in a position to self-assess themselves and file their own individual income tax returns.
There’s really no way to get around it – if you’re planning for a divorce, you’re going to incur expenses. And not just those associated with the actual divorce. There are also a number of things that will change as you transition from your married life to being single, and these changes often bring unexpected costs.
There’s really no way around it – divorce costs money. Just how much money can hinge on a number of factors, including the method you choose, how cooperative you are with your soon-to-be ex, and how much is involved. The good news is there are things you can do to help lower the cost and save yourself a few hard earned dollars.
When the word divorce is brought up, most people instantly think about the emotional aspect. How will it affect the children? How will I get over this and move on? Divorce is certainly one of the most emotional experiences in life, but it can also be one of the most financially devastating.
While never an easy decision, should you keep or sell the house in divorce depends on a variety of factors in three distinct areas. Given that your house is one of the biggest assets you’ve got, the housing market has been a roller-coaster ride lately and it’s the place you called home and built a family in, it’s no wonder this isn’t an easy decision!
If you’re like most people, you probably think divorce is a legal matter. After all, the dissolution of your marriage has to come in a court of law, right?
As an only child, the concept of sharing doesn’t exactly come natural to me. So while I can understand not wanting to share what you perceive as being your “hard earned money” is a tough pill to swallow, I have to admit the idea of hiding money in a divorce is not only a bad one, but an expensive one as well and is best to be avoided.
Without question, money and divorce are two things that are inevitably intertwined. Whether you like it or not, divorce is going to cost you. Just how much it costs you, however, can vary greatly. There are certain mistakes that might end up resulting in much more of a financial impact than necessary, so it’s important that you plan ahead as much as possible.
If you have a will or similar estate planning document, such as a living trust, your spouse will typically be designated as the executor and/or trustee, and probably is named as the primary or sole beneficiary of your estate. Clearly, you should immediately review your will or living trust with an estate planning attorney to determine if you wish to make any changes.
Spouses can file for a no-fault divorce in Illinois, as long as they have lived separate and apart for at least two years and state that irreconcilable differences ended their marriage. This two-year separation period may be waived "upon written stipulation of both spouses, filed with the court."
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