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Posts Tagged ‘career women’

I Have Been Ordered To Pay – How Long Will Alimony Last?

posted by admin 10:00 AM
Tuesday, March 15, 2011

When Mary and John married the plan was for Mary to work while John completed his doctorate in literature.  The idea was that John would eventually get a job in academia.  That never happened. John was unemployed during most of the marriage.

When Mary and John decided to end the marriage, Mary thought that they would split the marital assets and that would be it.  She was surprised to find that she was considered the primary breadwinner and that John was the “economically disadvantaged”  spouse who needed help getting back on his feet. She was ordered to pay alimony for three years.

According to the Federal Bureau of Labor Statistics, women are the primary breadwinners for one-third of all marriages.  This means that more and more husbands are the recipients of alimony (also known as spousal support or maintenance).

State laws differ, but generally speaking “economically disadvantaged” (dependent) spouses are granted temporary alimony / maintenance based on the length of their marriage and whether they have the ability to financially support themselves (For more details on how alimony is determined, click here - http://bedrockdivorce.com/blog/?p=44).

So this leaves a lot of women asking, “How long will alimony last?”

In certain situations, it is possible that alimony / spousal support will be granted for a lifetime.  However, depending on the circumstances it is more likely that maintenance will be granted for a certain period of time.  Regardless, there are two situations where alimony will almost always terminate:

1.    If the receiving spouse remarries; or,
2.    If the paying or receiving spouse dies.

There are certain other circumstances that may be considered as grounds for terminating alimony such as if the receiving spouse is living with another person as if they were a married couple.  However, having alimony terminated in these situations may mean going back to court and more legal fees.

If you are a woman and the breadwinner of your family and are contemplating or facing divorce, contact one of our Divorce Financial Strategists™ who can guide you through the process so that you will have a better understanding of how much alimony, if any, you will need to pay and for how long .

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.

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How to Determine Alimony (also known as Maintenance in some states)

posted by admin 10:02 AM
Tuesday, January 25, 2011

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.

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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 info@bedrockdivorce.com to schedule a free, no-obligation, half-hour consultation.

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