Friday, April 11, 2014

What is Alimony?

What is alimony? Alimony is a lump sum or scheduled continuing payment to an ex-spouse, mainly when the ex-spouse makes less than the other spouse. It can occur with divorces where the wife was a stay-at-home mother or the husband provides the caregiver role, and that person depends heavily on the other person's income.
  There are many variables in the determination of alimony, like length of marriage or amount of sacrifice the spouse has made in order to become dependent. If the spouse in question has done something illicit, such as carrying on an affair or participated in other inappropriate behavior, this could terminate any possibility of alimony. It is important when calculating alimony to factor in cost-of-living increase, otherwise you could be stuck with an insufficient amount as the economy changes.
  If you are the dependent spouse in the situation, consider the fact that if you get re-married the alimony will stop. You may also have to deal with the financially independent spouse contesting the alimony, or requesting an adjustment if their monetary position changes due to job loss or relationships (they may get remarried). Keeping in constant contact with your divorce lawyer will only make the likelihood of a positive outcome more feasible.

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