Types of Spousal Support or Alimony: A Brief Guide

1. Types of Spousal Support or Alimony: A Brief Guide Although the divorce process marks the end of a marriage, it does not mean that one spouse should cease supporting the other spouse. In cases where the financial discrepancies between spouses are greater, the spouse with more financial obligations is usually required to pay what is known as spousal support or alimony for the other party. Spousal support or alimony is a type of financial obligation that depicts one spouse with higher financial obligations continuing to help finance the life of the other spouse. Before deciding what type of spousal support or alimony is appropriate for a post-divorce arrangement, it is important to learn what types of a spousal support or alimony agreement could be utilized for both parties.

2. Types of spousal support or alimony Regardless of the type made available to either party, spousal support or alimony is generally granted to parties who were legally married. The rules of spousal support or alimony also vary by state, meaning terms for an alimony agreement in one state are not exactly the same as the terms in another. In addition, the courts in each state will generally grant spousal support or alimony based on certain factors, including the length of the marriage in question, the financial contributions of either party and even the physical health of the party receiving the spousal support or alimony. What type of spousal support or alimony could a divorcing party need? The type of alimony granted depends on the condition of the parties who are divorcing. For this reason, several types of spousal support or alimony exist. Rehabilitative alimony or spousal support is generally granted to one party for a specified time period. This form of spousal support gives one party enough funds to obtain or maintain necessary job skills and/or education to keep up their current lifestyle. In most cases, this form of spousal support or alimony is given to the party who is usually the stay at home parent. Sometimes, this form of spousal support or alimony is renegotiated at the end of the initial agreement period to continue support for the granted party. Spousal support or alimony is also granted in the form of a lump sum payment. This form of spousal support is usually granted in cases of a property settlement between the divorcing parties. The lump sum payment gets paid in the form of a fixed amount and is usually not modified based on the status of the recipient. The lump sum payment granted to the payee in this situation is usually equal to the total amount of payments they would receive if paid on a monthly basis. Permanent spousal support or alimony continues until the recipient chooses to remarry or if the party who pays out the alimony passes away. In some states, the terms for permanent spousal support or alimony expire if the recipient chooses to live with another partner. This form of alimony may also be renegotiated or adjusted if the living or financial circumstances of either party changes while the payment period remains active. Articles Source : https://www.cpinjurylawyers.com/types-of-spousal-support-or-alimony-a-brief- guide/