What To Know About Alimony
Sometimes called spousal support, Alimony, is the payments made by one spouse to the other after a divorce. Its purpose is for the spouse receiving the alimony to continue living or close to living the standard in which he or she lived when married. This obligation arises from family law. Traditionally, alimony was paid by a husband to his former wife, but since the 1970s there have been moves towards gender equality with a corresponding recognition that a former husband may also be entitled to alimony from his former wife.
Here are the 10 helpful things to know about alimony in a divorce.
Alimony is not just for wives
Although it is commonly thought of as an obligation for the husbands to their wives, alimony, in reality can be appropriated for either spouse in the instance wherein he or she makes considerably less money or if he or she needs financial support and has been provided for all throughout the marriage.
It is not a Guarantee
Alimony is granted and decided on a case to case basis and not all cases are the same. Courts look at various factors affecting each party’s ability to earn as well as whether one party has made career sacrifices for the family such as but not limited to staying home to raise children.
Laws governing alimony varies by State
Alimony and the laws governing as to how it will be calculated or in determining whether it is appropriate it differs in each state.
Alimony is different from Child Support
Child support is provided and designed for by law in order to support and provide for children, while alimony in the other hand is designed to take care of a spouse. They are determined separately from each other and awarded separately, with the court’s giving more importance to child support.
Length of Marriage is likely a factor for Alimony to be awarded
For marriages that lasted over 10 years, the odds that you will be given a larger divorce settlement and/or more alimony is greater.
Alimony is not an entitlement to retirement or Social Security benefits
After being married for 10 or more years, you may be entitled to a portion of your spouse’s Social Security or pension under the law, this is different from alimony. Alimony is worked out separately and is a part of a divorce settlement.
How much each party makes affects the Alimony
If one person makes significantly more or less than the other, alimony is more likely to be awarded by the court.
Alimony may also be affected by a person’s career opportunities
The court, in determining alimony, look not only at what a person actually makes, but also at his potential.
Actions during the marriage is factored in whether Alimony is appropriate
If one spouse helped another through school that may factor in to the judge’s alimony decision or may impact the type of divorce settlement that the individual receives.
Alimony is tax deductible for the person paying it and treated as taxable income for the person receiving it
This means that it must count as taxable income and must be listed on a tax return for the person receiving it. The person paying the alimony can deduct the amount from taxable income.
