What Is Alimony?
The word “alimony” can have different meanings for different people. Primarily, alimony consists of maintaining the recipient spouse in a life-style that they enjoyed during the marriage. Alimony takes into account the recipient’s financial needs and the paying spouse’s ability to meet those needs at the conclusion of the marriage. Sometimes, temporary alimony is awarded pending the final outcome of the divorce.
The most popular form of alimony is some allocation of weekly or monthly alimony on a consistent basis. Alimony payments are taxable as regular income for the recipient spouse and the payor spouse secures a tax benefit based on their overall tax filing factors.
How Is Alimony Calculated? How Long Do You Have to Pay Alimony?
There is no set way to determine the amount of alimony or the duration of the alimony payments. Many people concentrate on the weekly amount owed and don’t give enough credence to the length of time they pay or receive alimony. Many times, how long alimony is paid is not negotiable but the weekly or monthly amount of alimony is. Usually alimony terminates upon the death of a party or remarriage of the recipient spouse.
It is a totally separate matter when there is potential cohabitation of the recipient spouse. Health issues, retirement, earned income from either party, and other financial issues can alter the fairness of alimony payments down the road. Many times, if there is a request to modify the original court orders for alimony, it deals with a request to modify the amount of alimony.
Alimony is part of the overall financial plan when considered vis a vis assets, debts and child support during a divorce. An experienced lawyer can help you pay or receive a fair alimony amount. My name is Jim Katz and I have been practicing family law for over 30 years. I invite you to call our law firm today at (860) 871-9449 for a free consultation.