Divorce can be tough, emotionally, and financially. One of the biggest concerns for individuals going through a divorce is the potential alimony agreement. Alimony, also known as spousal support, is the legal obligation to provide financial support to a former spouse after the divorce. Alimony payments are made either in a lump sum or over a period of time. The amount of alimony is dependent on certain factors, and a fair alimony agreement requires consideration of multiple factors.
The court considers the following factors when determining alimony payments:
1. The length of the marriage: The longer the marriage, the higher the alimony payment.
2. The age, health, and earning capacity of both partners: The court will consider the earning capacity and health of both parties when determining alimony. If one spouse is unable to work or has a lower earning capacity, they may receive a higher alimony payment.
3. The standard of living during the marriage: The court considers how both partners lived during their marriage while determining the alimony payment.
4. Current and future income of both partners: The current and future income of both partners is considered while determining the alimony payment.
5. The contribution of each partner to the marriage: The court considers each partner’s contribution during the marriage. For instance, a spouse who supported the other financially by letting them go back to school may receive a higher alimony payment.
6. Custody of children: If the spouse with custody of the children earns less than the other spouse, they may receive a higher alimony payment.
A fair alimony agreement should consider all of these factors. It should also be reasonable and sustainable for both parties. After the divorce, the payer should still maintain a reasonable standard of living, and the alimony recipient should be able to live a sustainable life.
It`s important to note that alimony payments are not permanent. The courts will periodically review alimony arrangements to make sure they are still fair and reasonable. In some cases, the court may adjust the alimony payments to reflect changes in the life circumstances of either party.
In conclusion, a fair alimony agreement is one that considers the length of the marriage, the earning capacity, age, health, standard of living during the marriage, contribution of each partner, and the custody of children. It should be sustainable and reasonable for both parties and consider periodic reviews. It’s important to work with a competent legal professional to help you negotiate and draft a fair alimony agreement.