Divorce can be a complicated and emotional process, especially when it comes to the financial aspects of separating from a spouse.
One area that often causes confusion and disagreement is spousal maintenance, which is also known as alimony or spousal support.
As a seasoned divorce attorney/mediator and medical professional for over 35 years, I have guided hundreds, if not thousands of spouses on what they are entitled to when it comes to support. I can help you too!
So let’s take a look at spousal support:
First, What is Spousal Maintenance?
Spousal maintenance is financial support paid by one spouse to the other after a divorce. The purpose of spousal maintenance is to help the recipient spouse maintain a similar standard of living to what they had during the marriage. This can be especially important if one spouse earned significantly less than the other or if one spouse stayed at home to care for children and was out of the workforce for a period of time.
Spousal maintenance can be temporary or permanent, depending on the circumstances of the divorce. Temporary maintenance is paid for a set period of time, while permanent maintenance is paid until the recipient spouse dies or remarries.
How is Spousal Maintenance Calculated?
Spousal maintenance is not automatically awarded in every divorce case, and if it is awarded, the amount and duration can vary greatly depending on the specific circumstances of the divorce.
Some factors that are considered when determining spousal maintenance include:
Length of the marriage: The longer the marriage, the more likely it is that spousal maintenance will be awarded.
Income of each spouse: If one spouse earns significantly more than the other, they may be required to pay spousal maintenance to help the other spouse maintain their standard of living.
Education and earning potential of each spouse: If one spouse has a higher education and earning potential than the other, they may not be required to pay spousal maintenance or may only be required to pay it for a short period of time.
Age and health of each spouse: If one spouse is older or in poor health, they may require more financial support from the other spouse.
Child custody arrangements: If one spouse is awarded primary custody of the children, they may also be awarded spousal maintenance to help with the costs of raising the children.
Once these factors have been considered, the court will determine the amount and duration of spousal maintenance to be paid.
Tax Implications of Spousal Maintenance
It's important to note that spousal maintenance can have tax implications for both the paying and receiving spouse. If spousal maintenance is awarded, the paying spouse can deduct the payments on their tax return, while the receiving spouse must report the payments as income on their tax return.
Modification or Termination of Spousal Maintenance
In some cases, spousal maintenance can be modified or terminated if there is a significant change in the financial circumstances of either spouse. For example, if the paying spouse loses their job or experiences a significant decrease in income, they may be able to petition the court to modify or terminate the spousal maintenance payments.
Likewise, if the receiving spouse remarries or experiences a significant increase in income, the paying spouse may be able to petition the court to terminate the spousal maintenance payments.
With over 35 years experience as a divorce attorney and mediator, I have helped many spouses get the spousal support they deserved. I can help you too!
Particularly in the mediation process there can be room for negotiation. Sometimes a couple will agree that instead of paying or receiving support, there will be a lump sum property settlement, which has different tax implications.
Call me if you would like to get an estimate of what your spousal support will be. I will be happy to get those calculations for you.
All our FREE 1 HOUR CONSULTATIONS arestill available virtually!
Call me, New York Divorce Lawyer, Lois Brenner now to schedule your free consultation. 212.734.1551
I look forward to going over the details of your spousal support.
Warm regards,
Lois
Schedule your free consultation with attorney Lois Brenner right now!
Spousal maintenance can be a complicated and emotional issue in divorce cases. It's important to understand the factors that are considered when determining spousal maintenance and the potential tax implications of spousal maintenance payments.
Learn more today by calling for your free consultation right now. Call 212.734.1551.