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Spousal support payments are common after a divorce. The spousal support award is determined by a family court. This is usually based on a separation agreement. If spouses are unable to make that decision by themselves the court will make the divorce agreement for them.
Keep in mind that this doesn’t have to do with marital property division. It is made on a case-by-case basis.
Stellar-Advice advises spouses to be reasonable during a legal separation. The whole divorce process is a nasty affair leading to enormous emotional distress.
In this article, we will go through every relevant factor determining alimony payments.
What Is Alimony?
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Alimony is long-term support for a partner that requires financial assistance. It is awarded to a spouse who is in much worse financial circumstances.
In most cases, the award of spousal support goes to the partner who has declined career prospects in order to support the family. They might have avoided a desirable career to take care of a minor child.
Alimony is meant to restore the standard of living established during the marriage. In other words, the partner will exit the marriage without suffering changes to income, taxable income, tax returns, and so on.
Determination of spousal support
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There are some major differences between alimony and child support.
In the case of child support money, there are specific guidelines regarding payments. On the other hand, every court can make its own decision regarding the form of alimony. They can establish the party receiving alimony, how much money they’ll get, and the period of time they’ll be receiving it.
Here are the most important things that courts take into consideration when determining alimony:
- The physical state of a spouse as well as their emotional condition, age, and financial condition.
- The living standard the couple had prior to the dissolution of the marriage.
- The extent of education and time required for honing new skills that would allow the partner to become self-sufficient.
- Long-term marriages usually result in higher alimony.
- Other partners’ ability to support themselves after giving the alimony.
How long do you need to pay alimony?
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This type of spousal support is sometimes referred to as rehabilitative alimony. In other words, it should last enough time so that the spouse develops job skills that would allow him or her to support themselves.
The divorce decree will indicate how long the support lasts. If there is no termination date, the paying spouse will have to provide support until the court decides otherwise.
The alimony will automatically stop if the alimony receiver decides to remarry. Keep in mind that complete termination might not stop with the payer’s death. If the receiver hasn’t remarried they might continue getting funds by the distribution of property or life insurance proceeds.
Managing spousal support
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Spousal support is a way of protecting the partner who has discarded a career to help the family.
It can be hard for the paying spouse, but it is the only fair thing to do after a long-lasting marriage.