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Spousal support (alimony)

Оглавление

Spousal support is money paid to relieve any economic inequality that may exist at the end of a marriage. Whether or not a spouse receives support depends on a number of factors; for example —

• need,

• ability of the other spouse to pay,

• length of marriage, and

• age and health.

Either spouse may apply to the courts to vary the amount or terms of spousal support, if his or her personal financial situation changes. Spousal support, when merited, can be time-limited or indefinite, periodic or lump sum.

Time-limited spousal support: Usually granted when the receiving spouse needs financial support while he or she upgrades his or her skills to earn an income, or when the receiving spouse has family obligations that prevent him or her from working full time; for example, while the children are young.

Indefinite spousal support: More likely in a long-term traditional marriage. A traditional marriage is often one in which one spouse gave up his or her career to look after the children and/or to help build the career of the other spouse.

Periodic support: Support paid monthly or annually.

Lump sum: A one-time, non-taxable payment to the receiving spouse, instead of regular, taxable, support payments. A lump-sum payment may sometimes take the form of a higher percentage of the assets to one spouse.

Now that you have a grasp of the language of separation and divorce, as well as a basic grounding in some of the concepts involved, you’re ready to proceed to the next chapter for an overview of the separation and divorce process.

Divorce Dollars

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