Spousal support
Spousal support, also known as alimony, is a financial obligation that one spouse may be required to pay to the other following a separation or divorce. The purpose of spousal support is to mitigate economic disparities between spouses by providing financial assistance to the lower-earning or non-earning spouse. This support helps maintain the standard of living experienced during the marriage and prevents financial hardship.
What Clients Should Expect:
Types of Support: Understand the different types of spousal support, such as temporary, rehabilitative, permanent, and lump-sum payments.
Duration and Amount: The duration and amount of spousal support can vary based on factors like the length of the marriage and each spouse's financial situation.
Modification Possibilities: Spousal support orders may be modified if there is a significant change in circumstances for either party.
Tax Implications: Be aware that spousal support payments are generally taxable to the recipient and deductible for the payer.
Main Factors Influencing the Decision:
Need and Ability to Pay: Courts consider the financial needs of the recipient spouse and the payer's ability to provide support.
Length of Marriage: Longer marriages may result in longer or more substantial spousal support awards.
Standard of Living: The lifestyle established during the marriage is often a benchmark for determining support amounts.
Age and Health: The age and health of both spouses can impact the duration and necessity of spousal support.
Contributions to Marriage: Contributions such as homemaking or supporting a spouse's career can influence spousal support decisions.