When a couple divorces, the issue of alimony often comes up. So, if you are getting a divorce, you have come to the right place. This blog post will discuss alimony in detail and answer some of the most common questions about it.
What Is Alimony and How Is It Determined?
Alimony is a type of payment from one spouse to another following a divorce. The purpose of alimony is to provide financial assistance to the receiving spouse so that they can maintain their standard of living after the divorce. Alimony is typically paid monthly, and it may be ordered for a set period of time or until the receiving spouse remarries.
The amount of alimony that a spouse receives is typically based on several factors, including the couple’s income and property division. The court will also consider the length of the marriage, the age and health of both spouses, and whether one spouse was primarily responsible for taking care of the home and children while married.
How Long Does Alimony Last for, on Average?
The average length of alimony payments is around five years, but it can vary depending on the factors involved in each case. For example, if one spouse was unemployed for a significant period of time during the marriage, they may be awarded alimony for a longer period of time. Conversely, if the couple was married for a short amount of time or if one spouse is relatively young and healthy, the alimony payments may be shorter.
Can Alimony Payments Be Stopped?
Unfortunately, it is typically very difficult to change once the court has ordered alimony. Suppose your situation changes drastically after divorce proceedings have ended and you can no longer afford to make alimony payments. In that case, you may be able to file a petition for modification with the court. However, the judge will likely only grant this if there has been a significant change in your circumstances and you can show that you are unable to meet your current financial obligations.
What Are the Tax Implications of Alimony Payments Each Year?
The tax implications of receiving or paying alimony payments each year can be complicated. Typically, the person who pays alimony is able to deduct the amount they pay from their taxable income, while the person who receives alimony must report it as taxable income. However, this rule has a few exceptions, so it is important to speak with a tax professional to determine how the alimony payments will affect your taxes.
What Happens If Alimony Is Not Made?
If you are unable to make your monthly alimony payment on time or in full due to financial difficulties caused by unemployment or other unforeseen circumstances beyond your control, you may be able to file a petition for modification with the court.
If you are considering or going through a divorce, it is important to speak with an experienced family law attorney who can help guide you through the process and ensure that your rights are protected.