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While divorce is something that no one really plans for, it’s a reality for many Americans. If you’re contemplating divorce, or you’re in the beginning stages, it’s helpful to know about the terms and conditions that could apply to the agreement you reach with your spouse. Naturally, when there are children involved, each spouse is expected to contribute when providing monetary and emotional support. But did you know that, through a divorce, you could also have to make payments to support your spouse? Alimony, also called spousal support, is the amount of money one spouse is required to pay the other, either in a lump sum or through installments. Alimony is not always determined by fault in the divorce, but rather, when one spouse earns all or a significant portion of the family’s income.
The amount of alimony one spouse owes the other is determined by a wide array of factors, such as, but not limited to:
- Length of the marriage
- Monetary contributions from both parties
- Income potential
- Health
- Age
- Fault in the marriage
- Education
If a judge orders that you must pay alimony to your former spouse, you will most likely have to do so until:
- A date set by a judge has been reached
- Your former spouse remarries
- Your children no longer require a full-time parent at home
- A judge decides that after a reasonable period of time, your former spouse has not made a strong effort to become at least partially self-supporting
- A significant event occurs, such as retirement, and you convince a judge to modify the amount paid
- Either you or your former spouse passes away
Keep in mind that, along with other aspects of your divorce, you and your former spouse can make an agreement on how much and how long alimony must be paid. If you can not reach an agreement, however, the judge will set the terms for you.
If you’re going through a divorce and you have questions about possible alimony payments, contact the experts at Bailey Smith & Bailey to request a consultation with an experienced attorney who can help you navigate the divorce process as smoothly as possible.