Divorce With Alimony  

After divorce the thing which immediately follows is the alimony or spousal support the spouse has to pay to his partner. Alimony is based historically on the common law right of a wife to be supported by her husband even after a divorce unless she forfeits it by her misconduct.

Traditionally, alimony was awarded to wife and paid by the husband. However, with the changing times as both the spouses are wage earner, husband can also be granted alimony depending on the circumstances. Alimony is awarded to either spouse in an effort to maintain the minimum standard of living that both the parties were accustomed to during the marriage. The purpose of alimony support is to avoid any immediate financial crisis after the divorce. Though alimony laws differ from state to state the court takes into account certain factors while granting alimony to the spouse like the age and physical health, the financial condition of the former spouses, the duration of marriage, their standard of living during the marriage term and the insurance policy which the spouses posses. At the time of divorce if alimony is granted it can be permanent, temporary/limited duration alimony, lump sum and rehabilitative.

Permanent Alimony: This type of alimony is to be paid until the death of the recipient or the payee. Permanent alimony also terminates if the recipient spouse remarries.

Temporary Alimony or Limited Duration Alimony: This type of alimony lasts for specific period of time, usually one or two years. This type of alimony is granted when both the spouses are wage earners

Lump Sum Alimony: In this type of alimony the spouse randomly pays to the depending spouse instead of weekly or monthly payment.

Rehabilitative Alimony: This is the most common type of alimony. It is granted so long as is necessary for the recipient spouse to receive training and become self supporting.

Remember alimony is taxable income for the recipient and it is tax deductible for the payee. Alimony tax may vary from state to state. Alimony can also be changed or terminated if there is change in the payee’s circumstances, such as loss of employment or change in health or the death of the payee spouse.

Alimony income is tax deductible for the receiving spouse where as it is tax free for the spouse who pays it.

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Divorce With Alimony

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Divorce With Alimony )
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