Illinois Divorces:
In essence what this new law will do, once it becomes effective (January 1, 2015) is that it creates a formulaic, uniform, method for divorce Judges and attorneys to calculate spousal maintenance, formerly alimony, (where the parties combined Gross income does not exceed $250,000.00 per year) if and when maintenance is deemed appropriate. A brief synopsis of this formula as pertaining to a prototypical case, where the Breadwinner’s/Payor’s income is higher than that of the Other-Spouse/Payee and the Other-Spouse is seeking maintenance then maintenance could be calculated as follows:
Maintenance EQUALS 30% of Breadwinner’s Gross income MINUS 20% of Other-Spouse’s Gross income. This is subject to an EXCEPTION that the calculated Maintenance amount PLUS Other-Spouse’s Gross income CANNOT exceed 40% of the Combined Gross income of Breadwinner and Other-Spouse.