Alimony is an important protection for some divorcees. If you are divorcing, it might be something you’re looking into seeking, too. Do you know how it’s determined? Do you have any idea about how much you need?
Here’s a little more about alimony, so you can understand what to expect.
1. Alimony is decided by the courts unless you and your spouse agree on an amount
Alimony is decided by the courts, but you and your spouse can decide on an amount yourselves in advance if you’d like. If you want to make up your own mind about how much you need, then you should sit down and budget. Find out how much you need in alimony to make ends meet, and then you and your spouse can talk about an amount that is feasible and how long it should be paid.
2. Alimony is designed to help a lesser-earning spouse and to “pay them back” for their support
Alimony has a few purposes. One purpose may be to help spouses who gave up their careers or who earn less and need time to make up the financial differences caused by moving out. Alimony can also be used as a way to pay them back for financial support while one spouse went to school.
3. Lump-sum alimony helps you avoid long-term obligations
Lump-sum alimony is a good way to avoid long-term obligations. With lump-sum alimony, the payer doles out the whole amount versus monthly installments. With lump-sum alimony, the recipient doesn’t have to worry about payments not being made, and neither the recipient nor payer have to stay in touch (unless for other reasons).
Your attorney can speak with you more about alimony and what you should do if you’re interested in seeking it.