As the spouse who filed for divorce, you may be wondering what will happen to your finances and how this change might impact the family. It’s true that during the marriage, both spouses were expected (and usually did) to contribute equally in terms of time spent at home as well as income from wages earned on an everyday basis… but now there are only two people left instead of four! This means one person must adjust without their partner by taking over all financial responsibilities – including making sure bills get paid; if not, then they risk becoming homeless or destitute like so many others before them whose lives have been shattered because someone else didn’t work hard enough OR just couldn’t anymore.
You should know that there are several factors involved in determining whether or not your ex will receive spousal support and, if so, how much they might get each month. It all comes down to what type of lifestyle you were accustomed to before your marriage ended and what kind of life you expect after your divorce has been finalized. To determine this amount accurately, we recommend speaking with an experienced attorney specializing in family law matters such as yours!
What is alimony
Alimony, or spousal support, is one spouse’s payment to the other upon divorce. The purpose of alimony is to provide financial assistance to the lesser-earning spouse so that they can maintain a reasonable standard of living. How does alimony work in a divorce settlement? What factors are considered when awarding alimony? Keep reading for answers to these questions and more.
Why is alimony paid after a divorce?
The primary purpose of alimony is to provide financial assistance to the lesser-earning spouse so that they can maintain a reasonable standard of living after a divorce. It’s important to note that not all divorces involve a significant difference in income between spouses. Alimony is typically paid when there is a large income gap between divorcing spouses, for example, in marriages where one spouse stays home to raise the couple’s children while the other works full-time outside of the home, or in marriages where one spouse has pursued education or career opportunities. In contrast, the other was responsible for childcare and housework; courts are more likely to award alimony.
What are the different types of alimony?
There are many different types of alimony that a court may award, but here are the most common:
Temporary alimony – awarded during the divorce process while a spouse is waiting for their permanent support order to begin
Bridge the Gap Alimony – temporary alimony that is awarded to allow the receiving spouse time to retrain for a new career or job
Rehabilitative alimony – awards a certain amount of money for a limited period to help the spouse become self-supporting by obtaining education, training, or work experience.
Durational alimony – awards a specific amount of money for a specified number of years. This type of alimony is awarded when the court believes that rehabilitation won’t be effective or will take too long.
Permanent alimony – usually reserved only in extreme cases, this is an open-ended award of support meant to last until one party dies or the receiving spouse remarries.
How is alimony determined?
Alimony can be negotiated between spouses or awarded by a judge in court. If the spouses cannot agree on an amount of alimony, then the court will award it according to state guidelines. The judge will consider several factors when awarding alimony:
(1) the financial resources of the spouse seeking alimony;
(2) employment opportunities for that spouse
(3) the spouse may require some time to find employment that is appropriate for their skill level.
(4) the standard of living during the marriage; and
(5) any interruption in career or educational opportunities.
How long does alimony last?
Each alimony order will contain a termination date. However, it’s common for the receiving spouse to be awarded several types of alimony: temporary, bridge-the-gap, and long-term or permanent. The type of alimony awarded by the judge will depend on the facts of your specific case. For example, a court can modify an alimony order in the future if circumstances change.
What is considered when determining the amount of alimony?
There are several factors that influence how much alimony will be awarded. These include:
- The length of your marriage
- The disparity in income between you and your spouse at the time of divorce
- Your age and health
- The standard of living during your marriage
- The tax implications of the alimony award (in other words, whether or not you will pay taxes on the money you receive as income)
- Whether either party has custody of minor children and how much time is spent with those children
- Any domestic violence in the relationship
- Whether either spouse is likely to get married again
Alimony, or spousal support, is one spouse’s payment to the other upon divorce. The purpose of alimony is to provide financial assistance to the lesser-earning spouse so that they can maintain a reasonable standard of living. If you are in need of legal advice regarding alimony and want an experienced family law attorney on your team, don’t hesitate to search our database for an attorney in your area!