Bedrock Divorce Advisors
Archive for the ‘Career Women’ Category
Professional business women who are the primary bread-winners in the home often wonder if they will need to pay alimony to their husband and if so, how much they will be required to pay.
That is a tough question because the laws vary greatly from state to state. In some states, there are very explicit guidelines that judges must use to determine the amount and duration of alimony. In others, they simply list “factors” that a judge should take into consideration when determining alimony. Also, be aware that some states will consider the fault of the party when determining alimony. For example, if the couple is divorcing because one of them has committed adultery, the court may consider that when determining whether alimony should be paid. That is one very good reason that you need to speak to a good divorce attorney if you plan to have sexual relations with someone other than your spouse before your divorce is finalized (this can possibly affect both alimony and child custody).
Here are some of the factors a judge might use to decide whether your spouse is eligible for alimony:
1. The standard of living established during the marriage (One of the primary purposes of alimony is to help the receiving spouse maintain a lifestyle after their divorce that is relatively comparable to their lifestyle before their divorce.)
2. Property awarded to each spouse (Alimony is usually determined after the property division has been decided.)
3. The duration of the marriage
4. The income and property of each spouse
5. The ability of the person to become self-supporting
6. Present and future earning potential of both spouses
7. Whether there are children living in the home
8. If there was lost or reduced earning capacity of the person who is asking for alimony/maintenance that resulted from delaying his or her career during the marriage
9. Tax consequences
10. Contributions and services of the spouse who is asking for alimony or maintenance
11. Whether either spouse has wasted marital assets
12. Actions taken by a spouse in contemplation of the divorce
13. Any other factor the Court determines is relevant
There is also something called Rehabilitative Alimony, which is often awarded in short-term marriages.
This type of alimony is usually awarded for only a few years and its purpose is to allow the receiving spouse to go back to school or to get job training so that they will quickly be able to support themselves financially.
It is really not possible to know whether you will be required to pay alimony until you consult with an experienced family law attorney and a qualified divorce financial analyst. If you are contemplating divorce, please call us at 917-602-6977 for a free, 20-minute, no-obligation consultation with one of our Divorce Financial Strategists™.
All content on this site/blog is for informational purposes only, and does not constitute legal advice. If you require legal advice, retain a lawyer licensed in your jurisdiction. The opinions expressed are solely those of the author, who is not an attorney.
Important Reasons That Career Women Should Consider Using a Divorce Financial Strategist™ or Divorce Financial Analyst
If you are a busy career woman who is in the midst of an emotionally-charged divorce you might be dealing with several issues that you had never expected to face. This is especially difficult for those of you who once had a clear and firm plan for your financial future. You took the time to work with your spouse to ensure that the both of you and your children would be financially secure.
Now everything’s changed.
No matter whether the divorce was your idea or something thrust upon you, you now are wondering what tomorrow will look like – much less the rest of your financial life. You might be tempted to accept the first settlement proposal suggested by your divorce attorney or by your spouse’s attorney just to get things over with. As tempting as this may be, you should take your time with making these critical decisions because, for the most part, they cannot be undone.
Getting through the financial issues is often the toughest part of a divorce. But it doesn’t have to be this way. Meeting with a Divorce Financial Strategist™ (a Certified Divorce Financial Analyst [CDFA™] with advanced training in divorce financial planning strategies and asset protection) can ensure your financial protection now and in the future by helping you fully understand the financial and tax implications of your proposed divorce settlement.
Here are some of the ways a Divorce Financial Strategist™ or Certified Divorce Financial Analyst can help you:
- Planning – A divorce financial analyst can help by developing a short-term and long-term financial plan so that you can make sure that the decisions you make today won’t negatively impact your financial future.
- Researching – A divorce financial analyst traces and illustrates assets, debts, income and expenses as well as assesses tax consequences and prepares reports showing alternative settlement options.
- Strategizing – By developing and analyzing multiple financial scenarios, a divorce financial analyst can help you understand the immediate and long-term implications of each proposal.
- Reviewing – A divorce financial analyst can review settlement proposals, prepare schedules to compare alternative outcomes, and provide an objective second opinion to help you make more informed decision.
If you would like to see how one of our Divorce Financial Strategists™ can help you clarify the financial details of your divorce and get you a better settlement, please call us at (917) 602-6977 or email us at email@example.com to schedule a free, no-obligation, half-hour consultation.