A significant reason why divorce can be so stressful is because of the uncertainty it brings. The future you had imagined is no longer achievable. In addition to losing a partner, you may have to negotiate child custody, child support, and alimony.
Asking about the financial aspects of divorce (i.e., child support & alimony) is not self-centered. People may worry about how they appear when they focus on the money with all the other issues involved with divorce. Don’t. Understanding your finances and new expenses is responsible. If you are going through a divorce, factoring in alimony to future budgets may help you plan for your future as well as your children’s.
In regards to alimony, there are a vast number of factors to consider. As you go through the divorce process, your family law attorney can give you a very close estimate of how much you can expect to pay in child support. Depending on them, alimony payments may even be temporary.
Your financial situation and standard of living during your marriage are two factors that play into alimony determinations. Not only does this include your debts and financial obligations, but it takes into account your retirement accounts and long-term investments.
Another question is the length of the marriage. If you and your spouse got married at 22 and divorced eight months later, will one person be required to pay alimony for the rest of their life? It depends on what happened during those eight months—but that outcome is improbable.
As frustrating as it may be not immediately to know your alimony payments (or lack thereof), there is an upside to not having a formula.
A formula is objective and doesn’t take into account the facts of your life. Do you two have a special needs child? The primary custodian may not be able to work because of it. Did one spouse make significantly more contributions than the other?
If you and your spouse have already agreed upon how assets will be divided, this could play into alimony considerations. The court will weigh in if one spouse has a considerable amount of assets and asks for alimony. Other factors such as tax implications and fault (e.g., adultery) can also be presented to the court by your attorney.
If you are going through a divorce, we understand how difficult this time must be. At the Carroll Law Office, we will answer questions and advise you on everything from dividing marital assets to handling your debts. Let us make this time that much easier. Contact the Carroll Law Office to schedule your free consultation.
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