As we navigate the challenging process of divorce at Allen Law Firm, PLLC, one question we frequently encounter is about alimony calculations. How can you determine what counts as fair spousal support? This blog is intended to shed some light on the subject and guide you on how to calculate alimony accurately and fairly.
We delve deeper into the process of determining alimony, the factors considered, and how you can forge an agreement that suits your unique circumstances.
What Is Alimony?
Alimony, often referred to as spousal support, is a certain amount of money one spouse is required to pay to the other during or after a divorce. The primary goal of alimony is to limit any unfair economic impact that a divorce may cause, allowing a lower-earning or non-earning spouse to continue living as they were during the marriage — at least temporarily. However, figuring out what is fair and how to calculate alimony is often a source of confusion.
How Alimony is Determined
Alimony determination is highly subjective and varies from case to case, depending on several factors:
Length of the Marriage
One of the most significant factors determining the amount and length of alimony is the duration of the marriage. The longer the marriage, the higher the likelihood of substantial alimony payments.
Earning Capacity
The court will look into differences in earning capabilities between the two parties. If one spouse earns a significantly higher income than the other, alimony may be awarded to maintain the standard of living.
Standard of Living
The standard of living experienced during the marriage is considered when setting payments.
Age and Health
The age and health of both parties are evaluated, with preference for support leaning towards older or unhealthy spouses who may not have the capability to earn a sufficient living.
Childcare Costs
If the spouse requesting alimony has custody of the children, the court will consider the cost of caring for these children.
Steps to Calculating Alimony
Calculating alimony involves a series of steps:
Examine the Need of the Recipient
The first step is to determine the needs of the spouse seeking alimony. It requires a thorough examination of their monthly expenses and how much they can meet on their own.
Consider the Ability to Pay
Then, consider the other spouse’s ability to pay. This involves examining their monthly income and expenses without putting them in financial jeopardy.
Agree on the Amount
Both spouses should agree on an amount that would allow them to maintain as close as possible to their previous standard of living. This sum is often settled during negotiation meetings mediated by attorneys or the courts.
Modification of Alimony
At some point, life circumstances change. One party’s income may increase, or the financial needs of the other party may change. When this happens, alimony payments can be adjusted. However, a legitimate reason must be given for the adjustment. The court will then reassess the information and adjust the alimony accordingly.
How Allen Law Firm, PLLC Can Help
Navigating alimony calculations can be a burdensome and confusing task. Having a skilled lawyer is crucial to ensure that you’re getting a fair shake in the proceedings.
At Allen Law Firm, PLLC, we have committed ourselves to provide the highest level of representation to secure fair and equitable alimony decisions for our clients. With our extensive experience in family law, we can not only help with alimony calculations but also with all legal aspects of your divorce.
By guiding you every step of the way, we ensure that you understand each detail and that every action is taken with your best interest in mind.
At Allen Law Firm, PLLC, we are here to help you move forward with your life.