SB 1824

Abstract

Amends the Illinois Marriage and Dissolution of Marriage Act. Provides that life insurance benefits deemed to be marital property must be allocated equitably between the parties by the court. Provides that a maintenance award ordered by a court may be secured by existing or court-ordered life insurance and, if applicable, that a judgment shall expressly set forth that payments for such insurance are excludable under the Internal Revenue Code from the gross income of the maintenance payee. Provides that in determining an award for child support, net income does not include life insurance premiums for life insurance ordered by the court to secure child support or maintenance. Provides that upon death of either party or remarriage of the party receiving maintenance, any obligation under the new provisions is terminated without a prior inconsistent agreement between the parties.