Spousal support, or alimony, is one type of financial assistance mostly governed by a divorce decree. This support takes into account a partner’s contribution to the marriage and provides the recipient with financial independence. Alimony is only available for couples who are legally married and the rules regarding the same vary from state to state.
The court awards financial assistance on a number of factors such as the marriage duration, earning capacity of each person, their contribution to the household or career, or the current health status of the recipient.
There are various ways of paying off alimony; it can be paid in one lump sum amount on a temporary or permanent basis. It is the court that decides on how much of the amount to be paid and for how long. Let’s find out about the different types of alimony one can find.
Rehabilitative alimony is one that is paid for a specified period of time. The court grants funds as per the job skills and education needed for him or her to attain self-sufficiency. Spousal support is also available for parents who stay at home for taking care of the children.
In the case of this type of alimony, the court grants a specific duration for rehabilitative support; it is reviewed after the predetermined period comes to an end. The court and the divorcing parties meet up again to review the provision in the agreement. The spouse who pays has the right to stipulate that there may not be any review; however, in some cases, the payor can override the payor’s wish and may grant an order to continue to pay the other spouse because of an illness or incapacity.
Lump-sum spousal support is a one-time, fixed payment and is often granted on the basis of a property settlement. The amount awarded equals the total of future monthly payments.
Permanent spousal support is applicable till such time that the recipient decides to remarry or one of the spouses dies. Some states may revamp the permanent support if the recipient starts living together with another partner. In this case, the court would review the situation; whether the third party was offering support to the recipient and whether the living situation is much like a remarriage.
Permanent alimony payments change as per changing circumstances such as the recipient getting a more paying job, suddenly coming into an inheritance, winning the lottery), or incurring medical expenses that are not covered by insurance. Things can change if the paying spouse suddenly suffers a loss or experiences a reduction in income or retires. In the case of changing situations, the court will review the situation. to determine the financial downturn and may not allow a request in reducing the alimony.
As the name, reimbursement alimony conveys, this support offers reimbursement for one of the spouses, who is the earning one, and helps the other spouse complete an education or training program. Reimbursement alimony is provided to the spouse, no matter what is the circumstances as she/he has helped the other during the payor’s time in school.
In some cases, the recipient may also receive a substantial of marital property as a way of compensation.
A court may also award In the case of reimbursement alimony, the couple does not have enough property; so instead of giving a large chunk of property, they get the financial award. This type of alimony is usually paid in a lump sum or in phases.
Temporary alimony is for couples who have gone their separate ways but haven’t signed the divorce papers yet. The parties then get into a temporary solution, signing papers and incorporating all the payment details. The agreement does not require it to be filed in court. The presiding judge has the final say on how much money either of the party should receive.
As with all the forms of alimony, temporary spousal support changes as per the situation. If the support agreement is not filed in court, the couple may set up a completely new payment plan themselves. A judge orders changes as per the agreements filed in court.
Before you sign any papers ensure you have the support of an established lawyer, who will help you get the alimony you deserve and in the opposite case stop you from paying unnecessary alimony.