A divorce is a particularly delicate time in anyone’s life. However, it becomes even more complicated when children are involved. And it is that, in those cases, additional aspects and variables become part of the agreement or resolution sentence, including the alimony. Alimony is a legal duty for a person to support a spouse before or after separation or divorce. And often, people think that there is only one type of alimony and that they to pay for child support for the rest of their life. But this is not quite true. In fact, there exist many types of alimony and it is important that you are aware of what differ them from each other, especially if you are going through a divorce. In this article, we talk about the different forms of alimony that exist that you should be aware of.
Temporary alimony lasts until separation but terminates when the divorce proceedings are completed. This form of support is usually granted by a temporary court order and is intended to help the former recipient spouse maintain his or her standard of living during the divorce procedure.
The bridge-the-gap support is intended to help a person with identifiable and legitimate short-term needs, and the duration of the support cannot exceed two years. In the event of the death of one party or upon the remarriage of the ex-spouse receiving the financial support, the bridge-the-gap alimony ends.
Sometimes one or both former spouses want to avoid making monthly payments. If the court and both parties agree, the person required to pay alimony can do so in one lump sum instead of recurring payments. For example, one reason may be that they do not want to risk missing a payment that could result in consequences, or they simply want to get on with their lives and want to avoid a constant monthly reminder that their marriage has ended.
The benefits of a lump sum payment include the ability to invest the money immediately, which can increase its value over the long term, as well as not having to worry about whether or not your ex-spouse will make each payment every month. This eliminates the need to return to court at a later date to obtain a judgement ordering the former spouse to continue to make payments on time.
Accepting a lump sum payment may have disadvantages, particularly with respect to tax consequences. If you are considering accepting a lump sum payment, it is best to consult your lawyer to determine the most efficient way to receive your payment(s).
Rehabilitative support or spousal support is granted for a specified period of time and is intended to enable the former spouse who benefits from it to pursue studies, vocational training or work experience in order to become self-sufficient. It may also be granted to a parent who has custody of young children to allow him or her to stay at home and care for their children until they become eligible to attend school.
The time frame is set either by agreement between the two parties or by a court-imposed schedule. Most final divorce judgements provide for the need for a review of rehabilitative support or alimony payments to allow the court to consider the facts of the case and determine whether payments should continue, be terminated or the amount paid should change.
Durational alimony is only for short or medium periods. It is granted after being in what is considered a short (less than seven years) or medium-term (seven to seventeen years) marriage. Prior to this change in the law, people who had been married for such a length of time could not receive support. However, these people can now obtain a temporary form of support that allows them to obtain short-term financial support until they can get back on their feet.
Permanent support ends when one of the former spouses dies or when the person receiving support remarries. In some cases, even if the former recipient spouse remarries, alimony continues to be paid.
Do you need a team of professional attorneys who can help you through this challenging time? Check out Steger Law, they offer the resources and specialized legal services of a large law firm with the responsiveness and personal attention you can only expect from a small family-owned business.