Alimony is when the spouse who earned more while in the marriage must pay a designated amount to the dependent spouse during divorce. There are a few main types of alimony that a divorce lawyer, like from Gray & Becker, P.C., can go into further depth with you if you would like more information. Many spouses who are parting ways may worry about their financial future, especially when one made significantly more than the other. If the alimony dispute goes to court, the judge will think of an arrangement that enables both spouses to live similar to how they did while married and ensuring that neither will encounter grave financial hardship post divorce.
Alimony for Rehabilitative Purposes
Rehabilitative alimony may be used as a way for the dependent spouse to start working towards achieving more stable and independent financial footing. The spouse receiving this type of alimony may get monetary support from the other spouse for education and training that will help him or her get a solid job. If you were a stay-at-home parent and put your career goals aside during the marriage, we encourage you to reach out to an attorney for more insight. Typically, rehabilitative alimony is not permanent, and the terms may be reviewed after a certain period of time.
Alimony Via Lump-Sum
A lump sum may be paid by one spouse to the other through one single, large payment. The paying spouse (and receiving spouse too) may prefer the lump sum to avoid having to deal with checks on a recurring basis. A lump sum can be the better route particularly in situations where the paying spouse will resent having to submit a check every month. If the spouses agree to a lump sum payment through mediation, they may still have to send it to the court for final approval. It is important that any spouse considering a lump-sum alimony agreement, gets advice from an attorney. A member of a legal team can read over the agreement to check that the terms do not violate the rights of either spouse, and that the amount is fair.
Permanent Alimony Until Life Changes
The paying spouse may be required to pay alimony until life circumstances change of the receiving spouse, to where the financial assistance is no longer needed. For instance, alimony may be terminated if the receiving spouse starts living with a new significant other who is providing some degree or monetary support. Or on the other hand, alimony may be changed or revoked if the paying spouse was fired from their job, entered retirement, suffered from a serious injury or illness, or another factor that affected income.
Whether you are paying or receiving alimony, an attorney can evaluate both you and your spouse’s financial status to determine what a fair alimony arrangement may look like. Please contact a law office today to book a free, no-obligation appointment with a lawyer.