Everyone’s marriage is different, but the truth is that a large percentage of them end in divorce. Since everyone has a different story and situation, this could be due to a variety of reasons. However, all will have to follow the state laws of divorce and some negotiation may need to happen between divorcing spouses in order to come to a resolution. One topic that many divorcing spouses have questions about is alimony.
Alimony, also known as spousal support, is a component of some (not all) divorces. Alimony is a financial support paid by one ex-spouse to the other, in specific situations in which divorce leaves a financial situation unbalanced for one spouse. Oftentimes, one spouse will sacrifice personal success and career success in lieu of raising a family or rearing the home. This leaves the spouse with less personal and career success in a financially tougher situation and oftentimes, alimony is awarded to help balance the inequalities between the divorcing spouses.
Spousal support can be awarded in the short or long term and could in often a specific monthly payment, similar to child support, but for funding a different purpose. Alimony is not related to financially supporting children, but often, their involvement in a marriage plays a role in determining if alimony is appropriate to be awarded. If spouses cannot agree outside of court to alimony terms, a court may decide for them if it moved to litigation.
Several factors will determine the ultimate alimony amount awarded, however both spouse’s financial earning capability plays a huge factor. So does education experience and standard of living. It can be good to get a handle early if you believe alimony will be a factor in your divorce decree.