One concern that many spouses have when facing a divorce is being able to afford living as a single person again after years of sharing financial responsibilities with their spouse. Alimony is a court ordered payment to a spouse that is intended to help a financially disadvantaged spouse until they become independent or permanently in some cases. Usually, alimony is a monthly payment of cash to the other spouse for a limited amount of time, which also may be terminated early if that spouse gets remarried or achieves some other goal like receiving their college degree or retaining a job that provides a certain amount of income. Here are some commons forms of alimony:
- Rehabilitative Alimony: this may be also called transitional alimony and it is intended to assist a financially disadvantaged spouse for a limited amount of time like five years or so.
- Alimony in Solido: this is a lump sum payment of money intended to compensate the other spouse for something in the marriage or to balance the division of property. This kind of alimony is not usually modifiable after the divorce is final and is usually paid around the time of divorce but may be paid in installments in some cases.
- Alimony in Futuro: this is the least common form of alimony and is a permanent monthly payment to the other spouse for life. It can usually only be modified by a significant change of circumstances like the receiving spouse getting remarried. Permanent alimony is most commonly awarded in long term marriages when the wife didn’t work and stayed home to raise the children.
If you have questions about alimony in your divorce or would like to have the terms of your alimony in a previous divorce reviewed for a modification, please contact us today.