You and your spouse are discussing all available options as you work through your divorce. You know that alimony is going to be paid, but you're debating exactly how you want to receive it. Should you take a lump sum payment or monthly payments?
Posts tagged "Alimony"
You and your ex go to court and you're awarded indefinite alimony. After all, you're no longer young enough to get back into the workforce, and you gave up your career years ago to help your spouse achieve his or her dreams. You were counting on being supported in return, and you don't want the divorce to take that away when you have no other source of income.
Your spouse has enough money to pay you all of the alimony that is ordered at the time of the divorce. Do you want that lump sum, or are you better off taking the monthly payments?
Alimony can be a very contested topic when a couple gets divorced. One spouse might disagree with how much the other is requesting and vice versa. There are a handful of factors that go into determining the amount of alimony in a divorce in the state of Maryland.
Divorces that occur later in life, after the age of 50, are usually referred to as gray divorces. These divorces can be a little more complicated compared to the ones that happen earlier in life, before wills, trusts, and inheritances come into play for most. Here are some common divorce issues that arise when splitting up later in life.
Alimony is a common and necessary component of many Maryland divorces. Although most spouses who have to pay alimony try to avoid an alimony award at all costs, there is a good reason why alimony exists. Mainly, it prevents less-moneyed spouses from being trapped in a toxic -- or even abusive -- marital relationship for financial reasons.
Alimony is support paid by one spouse to the other when the couple divorces. It can be used to pay the bills, pay for insurance, pay loans, buy groceries, pay for other necessities and much more. There are times when the alimony payment amount can be changed, but there aren't many reasons for this to happen.
You've been married for several years, but in the end, you can't see yourself continuing in this relationship. You decide the best step is to go through a divorce. During your marriage, you and your spouse both worked, but he always earned more and supported the home and extras. Now, you want to go through a divorce, but you don't think you make enough to support yourself. What can you do? Are you entitled to alimony in this situation?
Even though a large number of marriages end in divorce, not all of them include alimony, which is a form of spousal support. In a typical alimony scenario, one of the former spouses will pay their ex-spouse periodically to help that spouse pay for bills and other necessities as he or she 'rehabilitates' back into the workforce. Alimony can occur in one of two ways; either the couple comes to an agreement or a court issues the order.
A "gray divorce" is a divorce that occurs later in life, typically after the age of 65. In fact, divorces involving couples over age 65 account for 25 percent of all Americans who divorce after the age of 50. This type of divorce has also more than doubled since 1990. These divorces have caused quite a bit of financial strain on the couples, especially the women.