If you are getting divorced, you will likely have a variety of financial concerns, ranging from your ability to cover court costs and attorney’s fees, to how your marital assets and debts will be divided, to whether you will be able to support yourself once your marriage has ended. Depending on the income you and your spouse earn, one of you may be required to provide financial support to the other after your divorce. By understanding when spousal support (which is commonly known as alimony) is appropriate and how the amount and duration of payments are determined, you can prepare a post-divorce budget that will allow you to meet your ongoing needs.
Factors That May Affect a Spousal Support Award
Typically, spousal support is awarded if one spouse earns a significantly higher income than the other, and its purpose is to ensure that both spouses can continue living at the standard they became accustomed to during their marriage. In some cases, spouses may agree in their divorce settlement on the amount of support that will be paid, as well as the length of time that payments will last. Couples may also use a prenuptial agreement to specify whether alimony will or will not be paid in the case of divorce.
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