What You Should Know About Alimony Agreements

Alimony agreements are a way for spouses to decide how and if to pay spousal support. They’re usually used in conjunction with divorces or legal separations, but can also be entered into without the need of a formal separation or divorce.

Alimony and spousal support are two forms of family law relief designed to assist a spouse who has lost their employment opportunities to become economically self-reliant. Divorce Lawyer Menifee The amount paid depends on both parties’ incomes as well as the length of the marriage.

A divorce attorney can assist you in determining if alimony is appropriate for your circumstances and situation. They also ensure that any agreement created for this purpose is legally sound and legally enforceable.

In certain circumstances, you may have the option to receive your alimony payments as a lump sum. This option can help ease financial strain on both parties but comes with its own set of drawbacks.

With a lump sum payment, you are irrevocably committed to never receiving those funds back from the other party if ever needed. Furthermore, taking such an extensive amount of money at once could potentially be tax-inefficient for both of you; so it’s essential that a lawyer thoroughly explains all your options prior to making any decisions.

Some courts will grant temporary alimony during the divorce process, known as alimony pendente lite. This is meant to help spouses adjust to living separate lives while the court works to resolve their divorce and alimony cases.

Alimony payments are typically awarded during the first couple of years after divorce, but courts have the power to adjust them or decrease them depending on a person’s circumstances. For instance, if one spouse loses their job or falls ill, courts can increase alimony payments in order to cover expenses until they find another employment.

Courts have the discretion to reduce alimony payments if a person’s career path has changed or they have been unable to make an honest effort to find work. This is especially true if one spouse has been unemployed for an extended period or has suffered from illness.

These changes in circumstances may be temporary or permanent. Either way, the change must be substantial enough to justify an alimony reduction or termination.

Alimony agreements typically expire if the receiving spouse remarries, cohabits with someone else, passes away, or experiences a life-altering event such as winning the lottery or being hired for a high paying job.

If you need to modify a spousal support or alimony agreement, each state has specific regulations on how it can be done. If you have any queries about your case, contact Bernstein & Mello today!

Alimony payments or receipts that you receive or pay can be tax-deductible if finalized before January 1, 2019. If you have any queries about your alimony case, don’t hesitate to contact our office today and speak with an experienced family law attorney.