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Are you concerned with your financial stability in the wake of a new divorce? Are you wondering how you will make ends meet without the support of your spouse? When you enter a divorce as someone who was financially dependent on your spouse, you may have many troubling thoughts and concerns about your future. This can add strains and worries onto an already emotional process when you are working with a family law practice in Altamonte Springs to settle your divorce. However, you will want to familiarize yourself with some of the basics of alimony. Here's what you need to know about alimony when you are going through a divorce.
After divorce, the courts can decide if one of the spouses needs to pay the other spouse any alimony payments, which provide them with financial compensation used to support them. This is especially common in marriages where one spouse was financial dependent on the other. These payments can be made in lump sums or monthly ongoing payments, depending on the decision of the court.
Post-separation alimony support is one type of alimony that only lasts throughout the divorce process. Once the divorce is finalized, these payments stop. Ongoing alimony payments, the second type of alimony, are when payments are made monthly to provide the spouse with financial compensation for their livelihood.
When both spouses are full time employees, the courts will not typically award alimony payments for either. However, when only one of the spouses works full-time, these circumstances are considered. The spouse with no or little income will receive alimony payments from the one with greater income. Also, alimony payments may be situational. For example, if one of the spouses was staying home to raise the children, they may be awarded alimony payments until they secure full-time work and can provide for themselves financially.
There are many different factors that may determine alimony payments and amounts. Similar to calculating child support, these payments are chosen based on the needs of children, business assets, length of the marriage, educational background of spouses, age, marital misconduct, earning capacity, and more. These circumstances also depend upon the state that is issuing the divorce, so you will want to check with your local attorney. Our family law practice in Altamonte Springs can help you with the alimony process to determine what you are eligible for and deserve to receive.
These are a few common questions that help many of our clients better understand the terms of alimony and how it can benefit their finances after divorce. If you are about to go through a divorce, you will want to support and guidance of our family law practice in Altamonte Springs. Contact us to schedule a consultation with our experienced attorneys today.