When two people get married, their finances become intertwined. Separating these finances can become difficult. As a result, some spouses will be ordered to pay alimony, also known as spousal maintenance. Read on to learn more about how alimony arrangements are determined.
How is Alimony Determined?
When making a decision about alimony, the court will examine some of the following factors:
- The length of the marriage
- The age and health of each spouse
- The earning capacity of each spouse
- The needs of the dependent spouse
- The independent party’s ability to support the dependent party
- Whether the dependent party had a significant absence from the job market
- The equitable distribution of property
- Each spouse’s responsibility for any children they have
- The standard of living the couple established during their marriage
- If there is any income available from investments
- If there are any tax implications from spousal support payments
Reasons to Increase Alimony
In some cases, alimony payments will increase. Your spouse may ask you to increase alimony payments if:
- Your former spouse’s cost of living has increased.
- Your former spouse was injured or developed a medical condition that requires you to increase your support to help with his or her medical bills.
- You recently received a new, higher-paying job, thus you can afford to pay your spouse higher alimony payments.
- You receive a large sum of money, such as an inheritance.
- Your former spouse recently lost his or her home.
Reasons to Terminate or Decrease Alimony
Just as there are reasons to increase alimony, there are certain circumstances that may call for a decrease or termination of alimony:
- You can prove that your former spouse is not taking the necessary steps to regain employment.
- You retire.
- You lost your job or received a demotion and cannot afford to continue paying alimony.
- Your former spouse has remarried.
- Your former spouse has received a job promotion, inheritance, or another large sum of money.
- Any other factor the court deems relevant.
If you have any questions or concerns about alimony agreements, contact our firm to speak with an experienced attorney.
Contact our experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.