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Receiving personal injury awards or workers’ compensation may impact child support calculations in Illinois in the following ways: Receiving personal injury awards or workers’ compensation may impact child support calculations in Illinois in the following ways: Personal Injury Awards Personal injury awards, such as settlements or judgments, may be considered income for child support purposes.
In Illinois, substantial and consistent gifts made by third parties to a parent may be considered income for the purposes of child support. This typically includes regular or large gifts that provide ongoing financial support. It’s always a good idea to keep detailed records of any gifts received, as they may need to be disclosed
Child support calculations in Illinois are designed to ensure that children receive the financial support they need from both parents. The process takes into account various types of income to determine the appropriate amount of child support. Non-recurring income, such as bonuses, inheritances, or one-time financial gains, may cause adjustments to support calculations by allowing
The Illinois Income Shares Model (“IISM”) is the current method used by Illinois courts to calculate child support. Implemented in 2017, the IISM seeks to ensure fair financial contributions from both parents. Under the IISM, children receive the same proportion of parental income they would have if their parents were living together. Key Principles The
In Illinois, the calculation of child support is largely based on the parent’s net income. Net income is derived from various sources, with specific deductions applied to determine the actual amount available for child support. The 750 ILCS 5/505(a)(3)(B), gives a direct definition of net income stating that, “‘net income’ means gross income minus either
Child support is calculated using the income of both parents. Why both? This is to ensure that the child will receive the same financial care if their parents remained together. When it comes to figuring out what numbers to provide for income, this calculation process gets tricky. Some sources of income that are non-recurring or
Note: Before reading about how a Federal Tax Lien is discharged, read about circumstances where withdrawal of the lien may be wiped clean. A discharged lien will still appear on your credit report, where a withdrawn lien will be wiped clean. Discharge of Federal Tax Lien The IRS may discharge your Federal Tax Lien under
Getting the IRS to Withdraw A Federal Tax Lien If you have a Federal Tax Lien on your property, the best case scenario is to have the IRS withdraw the lien. Withdrawal not only removes the lien but also eliminates any trace of the lien on your credit report. It’s as if the lien had
How does a Will become binding? A lot of people treat the word “Probate” like a four-letter word, but what’s the big deal? In this article, you’ll learn what a Will is and why using a Will for estate planning means Probate. What Is a Will? A Will is just a piece of paper unless
