When you are going through a divorce, there are a number of different outcomes that may occur in addition to dissolving your marriage. One such outcome is alimony, which is a legally binding financial agreement between a couple that can be awarded during divorce proceedings. Alimony, also known as spousal support, is usually awarded when one spouse has a significantly larger income than the other. In that case, the court mandates regular payments in order to assist with financial security when the divorce is finalized.
There are different factors that go into the amount of alimony that is awarded in a case, including the length of marriage, earning capacity, and custodial responsibilities after the divorce. In addition, common types of alimony include:
- Limited Duration – Lasts until a specific date
- Rehabilitative – Lasts until the receiving party can return to work
- Reimbursement – Lasts until the paying party reimburses the payee of the resources spent to further the paying party’s education or career
- Open Durational – Does not have a set expiration time
Spousal support may also come to an end when the receiving party enters into cohabits with another, either party dies, the paying spouse retires, there is a significant decrease in the earnings of the paying spouse, or if evidence shows the receiver is not making efforts to become self-supporting. For additional questions about alimony, discuss your situation with an experienced divorce attorney.