How do you get around alimony?
You can petition the court to lower your alimony payments if: You retire, You lose your job or begin making less money, Your spouse gets a job and begins earning sufficient money, Your spouse moves in with someone (or marries, in which case you’ll want to ask the court to terminate your alimony obligation)
The Ins and Outs of Alimony: What You Need to Know
Alimony, sometimes referred to as spousal support, is a court-ordered payment from one ex-spouse to the other in order to help the spouse financially after going through a divorce. In divorces, alimony is typically given to the spouse who is not the one who earns more money. Depending on the state, alimony may be ordered based on a variety of factors such as length of the marriage, type of marriage, income level of the spouses, health of each spouse, and whether or not one spouse supported the other spouse in his/her career.
When it comes to alimony, there are a few key things to take into consideration. First, the duration of the marriage is important. Most states consider short-term marriages to be six or fewer years in length and will not award alimony in those cases. The amount of alimony can only be determined after the duration and other factors of the alimony agreement have been established. Alimony is rarely given in lump sums; instead, it is typically paid out over a period of time.
It’s also important to remember that alimony is taxable, so taxes will need to be paid on any payments received from an ex-spouse. For those receiving alimony, it is important to keep accurate records and report all payments to the Internal Revenue Service.
Finally, both spouses’ financial situations can and will change over the life of an alimony agreement. Both spouses have the right to petition the court to amend or terminate the alimony agreement in the event of a significant change in either party’s financial status.
Alimony can be a complicated and sensitive subject that can have a long-term impact on those who are involved. Before entering into an alimony agreement, both parties should make sure they understand the terms, obligations, and tax implications of the agreement. It is important that both parties understand their rights, duties, and available options in order to ensure that alimony is a fair and just compromise for both parties.