One component of some divorces is alimony. While many divorces don't have this, the ones that do require careful thought. For the person who is going to be responsible for paying, making sure they can actually afford the payments is imperative. It is a good idea to sit down and come up with a budget that includes the proposed amounts. This lets you review how making the payments (or receiving them) will impact your finances.
Posts tagged "Alimony"
When you go through a divorce, especially when you don't have children together, the last thing that you probably want is to be tied to your ex afterwards. For some people, the terms of the divorce mean that they won't be able to bid adieu to their ex for a long time. This is because they might have to make alimony payments.
Alimony is a part of a divorce that is often misunderstood. Some people think that this is automatic in all divorces, but this is far from the truth. Instead, alimony is reserved for some very specific circumstances. If you are facing a divorce and think that you might need to seek alimony, you need to learn about what Maryland laws say about this matter.
You've been ordered to pay alimony. You may not be thrilled about it, even if you understand the reasoning behind the payments, but there is one upside: Those alimony payments are typically tax deductible -- at least for another year. For your ex, taxes will need to be paid as if the alimony payments were traditional income, but you can write them off and save a bit on your taxes.
You want to get divorced, but you don't want to pay alimony. You see no reason you should have to support your ex after the two of you aren't even a couple anymore.
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?
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.