Does Your Illinois Divorce Lawyer use FinPlan?

illinois divorce child support paymentsIn Illinois, the amount of child support ordered by the court is calculated using a formula that is based upon net income of the person who pays. Net income begins with finding gross income from all sources and then deducting the amount of federal and state income taxes "properly calculated" among other deductions (750 ILCS 5/ 505). In setting guideline child support, Illinois divorce judges apply a fixed percentage of net income depending upon the number of children to be supported. For example, the guideline amount for one child is 20%, for two children, 28%, for three children, 32% and so forth (750 ILCS 5/ 505).

Many Illinois lawyers continue to make the calculation of child support based upon net income using a pencil and paper system or must contact an accountant to make this important calculation. Our attorneys at Martoccio & Martoccio are highly skilled and experienced in the use of FinPlan. Finplan is a computer program created by Illinois accountants and continuously updated by the publisher, Thomson-West. Our attorneys make it a point to take periodic classes in the use of this valuable program.

Many of the most experienced Illinois divorce judges also rely upon the Finplan program in ordering a child support obligation. It is frequently heard in Illinois divorce courts both from judges and divorce lawyers: "Where is the FinPlan calculation? I need to properly set child support."

The FinPlan program also has great flexibility in determining the amount of maintenance (alimony) that a person pays or receives in Illinois. unlike child support in Illinois. Illinois divorce judges have no guideline percentage amounts that can be used to order maintenance.

Since there are different possible income tax results with the way in which maintenance is ordered, with the FinPlan, program, our attorneys at Martoccio & Martoccio, are able to show the opposing side or the divorce judge, various options which provide income tax benefits for our clients. One example would be to present an option which allows the husband or payer to deduct not only maintenance but also in child support when those two obligations are merged into and become unallocated family support. (Child support is ordinarily not income tax deductible.)

Our attorneys at Martoccio & Martoccio are able to help you figure child support, look at the income tax results of different child support and maintenance combinations, and more. income taxes have become more complicated than ever, With our skill and the use of FinPlan as a versatile tool in our toolbox, we are able to best represent our clients in divorce or paternity court and guide them as to the best deal to propose to the judge in their case. Contact us for assistance.

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address15 North Lincoln Street, Hinsdale, IL 60521
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Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

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