Alimony is the amount of money one spouse pays to the other, by court order or agreement, for support and maintenance. Alimony may be awarded to either spouse in an effort to maintain the standard of living that both parties were accustomed to during the marriage.At the time of the divorce if maintenance/alimony is awarded it can be one or a combination of the following:
- Permanent: This type of alimony is to be paid until either the death of the payor or the remarriage of the recipient.
- Lump sum: This type of maintenance/alimony is one payment of alimony instead of periodic (usually weekly or monthly) payments.
- Temporary: This type of maintenance/alimony lasts for a specific period of time, usually for the course of the litigation.
- Rehabilitative: This type of alimony is the most commonly awarded maintenance/alimony. It is awarded in a situation where the recipient is younger, or able to eventually enter or return to the work force and become financially self-supporting. Rehabilitative maintenance/alimony may include payments for the education necessary to enable the recipient to become self-supporting.
Many factors are considered in awarding maintenance including: duration of the marriage, earning capacity of both parties, age, as well as physical, mental, and emotional state of each party, other income, contribution by one spouse to education and furtherance of career of the other, contribution of one spouse as a homemaker, and how much earning power will be affected by the parenting requirements of the custodial parent.
Smith & Lake has the experience and skills to negotiate maintenance/alimony and assist you in planning for your financial future and wellbeing.