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illinois divorce financial issues | Chicago Illinois Family Law Blog

FAFSA and Divorce

By Nottage and Ward on February 11, 2013

In order to receive financial aid for college, the Free Application for Federal Student Aid (FAFSA) form must be completed and submitted online. The form requests information about a young person’s financial support mechanism and amount. Child support from a non-custodial parent must be included on the form with the rest of the family’s financial information. Then a determination can be made as to the amount of financial aid colleges should make available.

The Chicago family law attorneys at Nottage and Ward have been helping spouses and former spouses with the financial complexities of divorce for more than 20 years. They help spouses resolve complex custody and financial issues.

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Resolving Tax Matters during Divorce Essential to Avoiding Problems after Divorce

By Nottage and Ward on March 21, 2012

Financial issues are common in many marriages and, in some, may even be severe enough to lead to divorce. But the financial problems may not stop there. Divorced couples often experience financial issues after divorce due to unforeseen tax implications which were not addressed in the terms of the divorce. This can not only result in ongoing animosity between the couple but also potentially cause serious tax issues. No one wants the Internal Revenue Service (IRS) breathing down their necks, so it is important to address the following tax matters in your divorce:

    • Deducting Legal Fees – Typically, you cannot deduct legal fees on your tax return; however, if the fees are related to the allocation or protection of income-producing assets, then the fees can be deductable. Before you file your tax return, know what you can deduct and what you can’t.
    • Filing Status and Exemptions – A very important issue to resolve during divorce settlement negotiations is who will be claiming the children, or who will claim which child. In addition, matters related to the “head-of-household” filing status and exemptions must also be resolved.

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