If you’re currently going through a divorce, the heavy and stressful emotions may not be the only things plaguing you. In addition to establishing a new family dynamic and adjusting to life without your spouse, divorce also involves a number of financial considerations.
How Is Alimony Determined?
Sometimes known as spousal support, alimony is a payment made from one spouse to the other. Alimony is not determined using a specific formula, but rather by taking a number of factors into consideration. First, a judge evaluates the standard of living established during the marriage, the length of the marriage, and the age and health of each spouse. Next, the resources of each party, including nonmarital and marital assets and liabilities, are taken into consideration. This includes the earning potential, educational levels, skills, and employability of each party, as well as the financial and non-financial contributions each spouse made to the marriage.
Types of Alimony
Once all factors have been assessed, the divorce judge must determine what alimony ruling will best level the playing field between both spouses. There are a number of types of alimony that a judge can assign to accommodate each specific situation. A “bridge the gap” alimony is temporary in nature and simply designed to help one spouse transition into unmarried life and still pay necessary bills. Rehabilitative alimony, on the other hand, is designed to pay for a specific need like additional education or vocational skill training in order to obtain employment that will lead to financial independence.
Durational and permanent alimony are the two other forms commonly assigned. While durational alimony is usually awarded after a short or moderate-term marriage and cannot be implemented any longer than the length of the marriage in question, permanent alimony is commonly awarded after long-term marriages in which one spouse cannot maintain the necessities and general needs of life without support.
Considering the complex nature of alimony and many other factors involved with divorce, it is essential that you find a lawyer who will appropriately represent your best interests and guide you through such a stressful process. Call North Tampa Law Group at (813) 452-4075 to speak to a divorce attorney and begin preparing for the process ahead.