What Forms Of Spousal Support Are Available Today After A Divorce?
Financial obligations to a spouse do not stop after a separation or divorce. Instead, there is continued financial support to the other party to ensure they don't suffer financially after separation. The money can also be used for investment so the other spouse can attain financial independence.
So, if you are getting divorced and would like to know if you are entitled to alimony, you should speak to a divorce law attorney. The lawyer will explain how spousal support works and determine if you can get financial help from your ex-spouse. Here are common types of alimony your ex-spouse may provide.
Rehabilitative Alimony
When a couple gets divorced, and one spouse requires financial support for a specified duration, they'll receive rehabilitative alimony. This spousal support often gives a spouse the necessary funds to attain financial stability.
For instance, they can use the funds awarded to pay for training to get the skills they need to achieve financial independence. Sometimes, the court can extend the duration depending on the progress and situation. This financial support can also be offered to a terminally ill or physically incapacitated spouse. So, reach out to a reputable attorney for more guidance.
Lump-Sum Alimony
In this form of spousal support, the wealthier or high-earning spouse will pay a specific amount (fixed) to the other spouse to support them as they start a new life. This is a one-time payment, which is usually equivalent to the monthly payments the spouse would have paid.
Sometimes, a spouse can offer lump-sum spousal support in the form of assets. Note that this alimony isn't affected by the recipient's situation. For instance, a spouse will retain the funds even if they remarry or cohabit with another partner.
Compensation Spousal Support
If one spouse was supporting the other financially, they qualify to get reimbursement alimony. The court will order a spouse to repay their partner for their contribution. The court can order the spouse to refund a certain amount, or both parties decide the total amount. For instance, if you paid for your spouse's training or education during the marriage, they will need to make repayments during the divorce.
Perpetual Spousal Support
This alimony is offered for the long term, but that doesn't mean it is entirely permanent. The support might remain in place even when a recipient cohabitates or remarries. Depending on the situation, the amount may be adjusted or terminated. An experienced lawyer can help you determine whether you qualify for this support.
Divorce can be stressful, so, it will be best to familiarize yourself with things that are in the process. Additionally, don't hesitate to contact a divorce lawyer when you feel overwhelmed.
For more information, contact a local divorce lawyer.