When a couple decides to part ways, deciding who gets what is always tricky. One aspect of a divorce settlement that can be particularly challenging is figuring out how alimony, or spousal support, works. Alimony is a form of financial support one spouse pays the other during and after the divorce process.
Who is Eligible for Alimony?
Not all divorcing couples are eligible for alimony, and eligibility rules vary from state to state. In general, however, the spouse who earns less income or has less means at their disposal is the one who may receive it. Generally speaking, alimony is granted when the marriage involves a significant disparity in income levels or when one spouse may have difficulty supporting themselves after the divorce.
How is Alimony Calculated?
Calculating alimony can be pretty complicated, as each case is different, and many other factors must be considered. Some factors that may be considered when determining the amount of spousal support to be paid include the length of the marriage, each spouse's ability to earn a living, the standard of living enjoyed during the marriage, and the needs of each spouse. Alimony aims to provide the receiving spouse with sufficient financial support to maintain the lifestyle he or she was accustomed to during the marriage.
How Long Does Alimony Last?
Alimony may last for a fixed or indefinite period, depending on various factors. Some states have guidelines that dictate the length of time spousal support should last, while in other states, the length of alimony payments is at the court's discretion. Factors such as the length of the marriage and each spouse's ability to provide for themselves will be considered when determining the duration of alimony payments.
Are There Tax Implications to Alimony?
Yes, there are tax implications to receiving alimony. The spouse who receives alimony must report it as income on their tax return, while the spouse who pays alimony may be able to deduct it from their taxes. To avoid confusion, it is always best to consult with a tax professional to understand the tax implications of alimony.
Family Law Attorney in Colorado Springs
If you're going through a divorce and need assistance with alimony issues, consider reaching out to Drexler Law in Colorado Springs, CO. Our experienced family law attorneys can provide you with the guidance and representation you need to navigate this complex area of law. Contact us today (719) 259-0050 to learn more about our services.
