When a married couple is getting a divorce, it is a daunting experience. Besides all complexities, spousal support is a major concern during the process. These are awarded by the court either by order or due to an agreement between the divorcing spouses. This is not covered by child support and is distinct from the distribution of marital property. If you are getting divorced, here is everything you should know about spousal support. Get legal help!
Everything you must know about spousal support
1. Purpose
Spousal support aims to ensure that both parties can maintain a comparable quality of life after a divorce by addressing financial discrepancies between the parties. It may be given as long-term support in circumstances of long-term marriages or large economic differences, or it may be provided to provide interim assistance while the recipient spouse pursues school or job training to become financially independent.
2. Factors considered
Different factors to consider when determining spousal support. These include:
- The length of the marriage
- The income and earning potential
- The standard of living during the marriage
- The financial and non-financial contributions made to the union
- The age and health of each spouse
- Any childcare obligations
3. Types of spousal support
Spousal support may be permanent, continuing until certain circumstances are satisfied (such as remarriage or death), or temporary, extending for a set period during or after the divorce proceedings. It may also be rehabilitative, to help the recipient spouse acquire the necessary training or employment experience to support themselves.
4. Modifiability
Spousal support orders can be changed. These orders will be modified when events such as illness, remarriage, or job loss affect one’s ability to pay. Nevertheless, state laws and the particular provisions mentioned in the divorce agreement or court judgment will determine whether or not spousal support is adjustable.
5. Tax implications
Spousal support payments are now classified differently in terms of their tax classification. Under federal tax law, they are no longer deductible from taxes for the paying spouse and are not regarded as taxable income for the receiving spouse. Understanding these tax ramifications is crucial when negotiating arrangements for spousal support.
Wrapping Up
Navigating the spousal support throughout divorce procedures is difficult. Thus, you need an experienced divorce lawyer to offer insightful advice. Knowing the ins and outs of spousal support can assist divorcing couples in coming to just and equitable arrangements that promote the financial security of both sides.