Factors to Consider in Determining Alimony Amount
A divorce is an emotional and sometimes violent experience for all the family members. The financial implications are often more severe than the physical aspects of a divorce.
Alimony is not a legal obligation but a court order set by the court. The courts consider the income of both parties in awarding alimony to maintain the same standard of living. The best interest of the children is also considered. The amount of alimony given to the children is different for each case.
Alimony is generally not the last payment made after a divorce. Rather, it is the first payment that can be settled when a divorce has been finalized. A settlement or compromise must be reached on alimony before any division of property can be made. The time after a divorce has been finalized to reach a compromise can be longer if it is necessary to consider a child’s custody and support issues.
In some cases temporary alimony may be granted while the divorce is being finalized. Temporary alimony allows one party to find employment and resume earning wages. Temporary alimony is an allowance for a short period of time. This can be granted until either the marriage is over or the divorce is final.
Permanent alimony is often awarded after a divorce is finalized. It is a fixed amount paid indefinitely. In most cases, permanent alimony is a greater obligation than temporary alimony.
Once a divorce has been finalized, alimony ceases. The divorce decree can state that the alimony is ended. There may be other court orders that are set in place such as an order of child support or permanent guardianship.
When a divorce is finalized, the financial implications are usually greater than those of a divorce when it is ongoing. It is important to take the time to seek out counseling from a professional to help you understand the factors involved in divorce.