Divorce is difficult for anyone, but it's even tougher when you don't know your rights. You've likely heard of the term "alimony" before, but many people don't know what it is. Alimony, or spousal support as it's sometimes called, is the money one spouse pays to the other from time to time after divorce.
In simple words, we say alimony is a payment made by one spouse to another after they get divorced.
There are also certain protections that spouses have regarding their assets during a divorce settlement that they should be aware of before making any decisions.
Our Knoxville divorce lawyers have put together this list to help you understand all the ins and outs of alimony before going through with your divorce proceedings.
Firstly, let's break out the types of alimony; there are 4 types:
Temporary alimony - for short-term support payments, usually last up to 3 years.
Rehabilitative alimony - helps you become self-sufficient after divorce or while retraining for work that will allow you to support yourself in the future. Basically, it is to help people who lost their job or had an illness pay off debts so that they can become self-supporting again.
Periodic alimony - refers to an ongoing stream of payments that can last indefinitely if no end date is specified. It provides economic stability between marriages.
Lumpsum alimony - provides a certain amount at once. It is a one-time payment.
The alimony is determined by some of the factors that are provided by the American bar association (ABA).
The factors are:
The duration of the marriage - When a couple has been married for a long time, they likely need alimony.
The length of the separation - When the couple is living separately for a long time, the court thinks there is no need for alimony.
In Addition, factors like age and health of the spouse, earning potential, education, the standard of living, and their contribution towards marriage are also considered.
Protect yourself and position yourself to get a successful outcome during the process of divorce. Then, contact the best attorneys in Knoxville Tn, to get a smooth divorce!