Alimony is a type of post-divorce support that may be awarded to divorcing spouses. The court assesses both parties’ economic needs and ability to pay spousal support.
The court may also consider other factors when making an alimony award. These include:
It’s a Form of Spousal Support
Durational alimony is a form of spousal support that keeps both spouses at the same standard of living. It’s typically awarded in long marriages where one partner earns less than the other.
A judge will consider the length of the marriage and any time the parties lived together before they were married when determining how long alimony will last. They can also take into account the recipient’s ability to pay.
Reimbursement support is a durational alimony that compensates the spouse who sacrificed education, training, or career advancement during the marriage. It offers the sacrificing spouse a lump amount that may be utilized to cover the costs of their education or work training instead of compensating the professional spouse for their financial support.
Unlike other types of alimony, reimbursement support ends whenever the agreement or court order states it does. That may be because the supported spouse got work or remarried or because of one of the automatic termination conditions.
It’s a Way to Keep Both Spouses at The Same Standard of Living
If your spouse financially relies on you, you must understand it. So, what is durational alimony? It is a kind of spousal assistance that aids both partners in maintaining the same quality of life. It can help them avoid significant financial changes when two-income households transition to one-income households.
Usually, judges use state laws to determine the practical needs of both spouses. They may also consider each spouse’s education and skills.
Once a judge determines each spouse’s reasonable needs, they look at each person’s ability to earn and their lifestyle. For example, if the high-earning spouse voluntarily chooses to work as a sculptor rather than pursue a law career, that may factor into the spousal support decision.
In some states, a judge can include savings in the calculation of the alimony payment. For instance, if the high-earning couple invested significantly in discretionary savings or retirement accounts, a judge would add that back into the spousal support amount.
It’s a Way to Help a Spouse Get Back on Their Feet
If you’re a spouse who wants to get back on their feet after a divorce, durational alimony may be an option for you. This type of spousal support can provide a financial bridge between you and your former spouse until you can find a new place to live, relocate or find a new job.
Unlike other types of alimony, durational alimony isn’t automatically terminated if one of the parties remarries or dies. Instead, the paying spouse can petition the court to reduce or stop payments if their circumstances change.
To determine the amount of alimony, you and your former spouse must prepare an outline of your expected monthly expenses and compare that to what each of you earns. You will then use a percentage to determine how much alimony you both deserve.
It’s a Way to Avoid Wasting Marital Assets
Durational alimony is a way to help a spouse keep up with their living expenses while their divorce is being finalized. Additionally, it’s a fantastic strategy to prevent squandering marital assets, which can be problematic after a divorce.
The court determines how much alimony a person will receive by looking at the spouse’s earning capacity and monthly expenses. They must also have the necessary education and experience, the ability to work, passive income (interest, dividends, capital gains from investments), and assets, such as savings.
In addition, the court will also consider the recipient’s age to see if they can re-enter the workforce and become self-supporting. The best way to determine whether you are a candidate for permanent alimony is to get the legal help of an experienced divorce lawyer.