There are many financial considerations that go into the divorce process. This includes how much spousal support is paid and how long payments will be necessary. While this can bring up some justifiable concerns, know that there are many factors involved to help reach a final decision.
The Decision You And Your Spouse Make
One thing to keep in mind is that the spousal support you pay may ultimately be up to what you and your spouse decide. It's possible that a judge doesn't even need to sign off on the final agreement, and it will be based on a mutually agreed upon amount. This may be ideal for both of you if you want to move on with your lives and finalize the divorce process quickly.
The Length Of the Marriage
The amount of time that you were married to your spouse can have a huge impact, with a long marriage resulting in spousal support that lasts a long time. On the opposite side of the spectrum, a short marriage can result in spousal support for a very short amount of time, even if the amount owed is quite high.
The Financial Resources
Do you and your spouse have roughly the same earning capacity as each other? Including income from employment and investments? If the two of you are fairly equal in terms of your financial resources, then spousal support may not be necessary. However, one spouse having higher income and more resources can result in higher spousal support payments.
The Standard of Living
Did your marriage cause an increase in the standard of living for your spouse? That can also result in spousal support payments so that their lifestyle is not completely changed as a result of the separation. This is often the case of high income earners where there will be a big disparity between lifestyles after a divorce.
The Health Needs
Does your spouse have health problems that make them unable to work on their own? This could be due to old age or simply having a physical disability that limits them. Know that it's possible for spousal support payments to be made so that the person going through health problems is not left to fend for themselves.
Reach out to a divorce lawyer for more information about factors that can impact spousal support. Find a divorce lawyer in your area today to help you with your case.
Share21 July 2023
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