Alimony, also known as spousal support, is not ordered in every divorce case, and it certainly isn’t automatic. It’s quite common, however, for a spouse to be awarded spousal support, and if you are planning to ask for alimony or if you believe that your spouse is going to request it, you should learn more about these payments before getting a divorce.
Alimony is a payment that has been court-ordered and is paid from one ex-partner to the other. Spousal support is used to equalize the couple’s financial resources. The judge will look at the financial needs of both spouses when deciding whether alimony should be paid. It all depends on whether one spouse has a financial need for extra money and if the other spouse has the means to pay the spousal support.
In most cases where spousal support is awarded, the spouses don’t have equal earnings and have generally been married for quite a while. If, for example, a couple has only been married for a year, it is unlikely that any alimony will be awarded.
Judges are given discretion in deciding on spousal support and when appropriate. It can be awarded on a temporary or permanent.
There are different ways for alimony to be paid out, including the following:
- Monthly payments
- A transfer of property
- A lump-sum payment
Monthly payments of spousal support are most commonly awarded, and the charges will end according to the date that the judge has set. Periodic payments, usually made monthly, may be modified when there has been a change in both or one of the spouses’ financial circumstances. These circumstances may include the death of a spouse, a remarriage, or another significant event such as the supported spouse getting a high-paying job.
Generally speaking, alimony payments cannot be modified or terminated as a property transfer, or lump-sum payments cannot be closed. This is important to keep in mind when looking at the different options available for alimony payments. If you work with a mediator, you’ll be able to negotiate the terms of spousal support with a mediator. Still, if the divorce goes to trial without a preset alimony agreement, the judge will have to decide for you.
The divorce lawyer you are working with will be able to set you up with a mediator and be there to support you through the process and answer any questions you may have. Many people find that using a good divorce lawyer and a mediator is the best route to take when getting a divorce.
Find out more about spousal support and your rights by talking to a high net worth divorce attorney. Get as much information as you can about alimony before your divorce to make an informed decision that you won’t regret later on.