When a couple chooses to divorce, they could also face significant changes affecting their finances and lifestyles. The blow may be harsher for households where one spouse is the primary income earner while the other focuses on homemaking and child care responsibilities. If you are in a similar situation, you and your former spouse could consider measures to avoid going bankrupt after the divorce, such as making alimony arrangements.
If you require financial support because of the divorce, you could include alimony during discussions with your former spouse. Having this conversation can help determine essential details of the setup, such as the amount, the duration and the mode of receiving payments. Still, these details are subject to review by the court. A judge must still sign off on the agreement, considering the following factors:
- Duration of the divorcing couple’s marriage
- The value and division of marital property
- Each party’s physical condition and age
- Each party’s capacity to make a living
- Existence of any disabilities or caregiving responsibilities that could hinder a party’s ability to seek employment
- Other factors that may impact a party’s ability to find and hold a job
Ideally, seeking alimony should happen before the court finalizes the divorce. By raising the need early in the process, the divorcing couple and the court can determine the terms of the arrangement based on the circumstances.
Supporting urgent financial needs during and after the divorce
Often, alimony can address the immediate financial burdens of one party caused by the divorce. The court can adjust the setup after reviewing you and your former spouse’s situation before including it in the order.
Whether temporary or long-term, alimony exists to help divorcing couples stay afloat amid significant life changes associated with ending the marriage. This provision ensures you or your former spouse can afford your basic needs during and after the divorce.