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Posts tagged "Alimony"

Is standard of living used when calculating alimony?

Much like marriage, divorce is one part an emotional investment and one part a financial investment. Although these aspects are apparent all throughout a relationship, they come into greater focus during the dissolution of a marriage. Not only does divorce take an incredible emotional toll on spouses, but it is where the depths of financial co-dependency are truly understood.

Alimony is important to men too

Alimony, commonly known as spousal support, is a court ordered payment from one spouse to the other after divorce. Similar to child support, alimony is designed to bridge the income gap between spouses. Historically, alimony was paid by divorced men to their ex-wives. However, a Supreme Court ruling over 40 years ago brought equality to divorce and made both men and women eligible to be the recipients of spousal support. Despite the fact that alimony equality has been around for nearly half a century, only an estimated 3 percent of alimony recipients are men. With roughly 400,000 divorcees collecting alimony, it may not seem like times have changed after all.

Are there good reasons to reduce alimony?

As your situation changes, so can your alimony payments. What was once a reasonable amount to pay your ex-spouse, may have recently become a real struggle. Fortunately, the same court that ordered you to pay alimony also recognizes that in certain situations, it may be necessary to reduce it.

What is considered when calculating spousal support?

It should come as no surprise that spousal support is not as easily calculated as child support. Although both alimony and child support are commonly discussed topics during a divorce, they have little to do with each other and are calculated quite differently. There are several different elements a family court may consider when making this calculation. Staying informed of what these elements are may help when it comes time to discuss spousal support.

What are the common misconceptions of alimony?

Spousal support, commonly referred to as alimony, is the payment from one spouse to another either ordered by the family court or agreed-upon in a divorce settlement agreement. Alimony is designed to limit any unfair economic advantage one spouse has over another. It can be ordered as rehabilitative, temporary or permanent. While there are several factors to consider when determining eligibility for alimony, the family court typically looks at the financial condition of each spouse both before and after the divorce.

In what type of separation can I receive alimony?

Occasionally, married individuals will choose to go their separate ways but remain married. This condition is known as separation. For many, the confusing part of separation is understanding that separation comes in four different forms. These four different types of separation are identified by their legality, orders and living arrangements. In all but one of these four types, support orders such as child support and alimony are not ordered by the family court. However, legal separation does allow for these types of payments.

Can I file for alimony pendente lite?

Alimony pendente lite, or APL for short, is the term given to a type of temporary alimony support. This type of spousal support includes a certain amount that is used to cover the cost of the divorce itself. The pendente part of APL goes to describe the temporary manner in which this spousal support is paid. It is essentially an alimony payment made for the duration of the divorce proceeding.

Is alimony considered taxable income?

Alimony is a funny thing. Typically the person paying it hates the very idea of it and the person receiving it loves that it's still around. While the tables have turned and alimony is no longer just an ex?husband to ex-wife transaction, other aspects have also changed. Alimony is not automatic, not forever and isn't affected by fault. One thing that has remained steady throughout time is the tax implication that alimony has on both parties involved.

Receiving spousal support during divorce

Alimony is one of the most talked about divorce topics ever. Some people agree with it, and some people hate the very idea. Contrary to popular belief, in Texas alimony is not automatic, and while there are many different types of alimony, ordered for many different reasons, one common type that is less well known is spousal support during the divorce process.

Can I waive my right to alimony in a prenup?

Prenuptial agreements are becoming increasingly commonplace in modern society. With more and more people opting to marry later in life and coming to the table with substantial incomes and assets, prenuptials are seen as an additional protection to a person's financial future. As with any type of contract, prenuptials require a certain level of skill and knowledge to be drafted appropriately. There are certain elements to a prenuptial agreement that are optional, required and prohibited. A deviation of the necessary or prohibited elements may render the prenuptial invalid.