Factors in Determining Alimony Payments
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Alimony is defined as a payment from one spouse to the other during legal separation or after divorce. The alimony payment can be made to either spouse, depending on the various circumstances of the parties involved. The type of alimony can vary greatly and some of them include:
Permanent Alimony — This type of alimony is awarded after a divorce and consists of recurring payments that may change or end if the receiving party remarries.
Temporary Alimony — This can include money for divorce costs and daily living, and it is paid until the court has made a determination regarding the permanent alimony obligation.
Lump Sum Alimony — This type of alimony is paid all at once and only some states allows this type of payment.
Reimbursement Alimony — This is used when one spouse has sacrificed their career to help the other spouse acquire a professional license, such as a medical or law degree. It is used to compensate a dedicated spouse for their sacrifice made during the marriage.
Rehabilitative Alimony — This is awarded in short-term marriages when a spouse needs financial support for a short period of time. It is given to enable a spouse to retrain or obtain education in order to get back into the working world.
Factors to Consider When Determining Alimony Payments
Alimony considerations may include:
- Length of marriage
- Time separated while still married
- Age and health at time of divorce
- Spousal contribution to education or career of the other
- Contribution as a homemaker
- Income of both parties
- Future earning potential
- Property awarded
Before you enter into an agreement regarding your spouse’s alimony obligation, you should seek the advice of a qualified attorney who specializes in divorce law.