Can My Ex Claim Money After Divorce?
Going through a contested divorce is almost guaranteed to involve a number of complicated fees. Costs for attorneys, witnesses, court hearings, negotiations… it may feel like the list is never ending. As you enter this process, you may find yourself wondering what your financial obligations look like on the other side of your divorce. Can your spouse claim money from you once the separation has already taken place? What is alimony, and how does it work? Continue reading as we walk you through the basics of post-divorce spousal support and how it works.
This blog answers common questions about mandated financial support for ex-spouses, explaining the situations in which the court may award one party with support and how it all works. For personalized advice regarding your situation, contact Truce Law today.
What is Spousal Support?
Spousal support goes by a few different names throughout the country – including alimony and spousal maintenance. This essentially refers to when one spouse is required to pay money to another, be it on a regular monthly basis, in one lump sum, or in some other combination of the two. Alimony is decided upon in the divorce proceedings through negotiations and court judgment, and due to the nature of significant tax implications involved it’s important to discuss financial support matters with both a tax professional and your attorney. Child support payments can similarly be required after a divorce.
When is Spousal Support Required?
Not every divorce case is going to result in spousal maintenance to one of the parties involved. Simply put, spousal support is put in place to help balance the financial situations between two spouses for a period of time after separation. To determine whether spousal maintenance will be required, the court will consider all relevant factors being presented by either party involved, including: financial resources and obligations, standard of living throughout marriage, length of marriage, health needs, and any children involved. Misconduct within marriage or being at ‘fault’ for the split plays no role in awarding alimony.
How Does Length of Marriage Affect Spousal Support?
The length of your marriage will play a large role in the likelihood of support being awarded to either spouse. It can affect both whether alimony is required at all, as well as the length of time payments will be needed. In most cases, the longer the marriage is, the more likely it is for maintenance to be put in place. For marriages shorter than ten years, a court is likely to order either no maintenance, or maintenance for a shorter period of time – for short term marriages, the goal is to put both parties in the financial positions they might have been in if they’d never gotten married at all.
How Long Does Spousal Support Last?
The length of spousal support will vary in each case. Sometimes, it may be awarded for a specific allotted length of time to equalize situations, or parties can agree that it is paid in one single lump sum, whilst in others it may be an indefinite, ongoing commitment. It is rare for spousal support to continue beyond the death of a spouse. And, unless there has been an agreement stating otherwise, significant changes to financial or economic situations for either party may be cause to apply for modification of the spousal maintenance arrangement.
Contact Truce Law for Divorce Financial Advice
As you enter a divorce, you want to be confident that you will be protected regarding all financial decisions being made. That’s why it’s essential for anyone going through a divorce to have a trusted attorney on their side to help guide them through a thought out divorce settlement that protects everyone involved. To chat through the financial outcomes of your divorce, contact Truce Law today.