How is Alimony Determined?
Alimony
Alimony is defined as the amount of money that one spouse must pay to the other as part of the terms of the divorce decree. There are many factors that comprise a good marriage, and, rare is the couple who exhibit every one of them in their relationship. As the marriage mellows through the years, there develops a system of communication and conflict resolution skills that are learned and utilized throughout the pendency of the relationship. But, sometimes, patience wears thin after years of just agreeing to disagree, or feeling that the give-and-take in the relationship is lopsided. The continual need to walk on eggshells or shooting steely glances at one another often signals the end of the marriage.
Though a simple divorce could be in the cards if minimal assets and no children are involved, more often than not, the division of assets and property must be fair and square and the assistance of a professional, such as a divorce attorney, is brought into the fray to get this accomplished in the most-expedient manner possible. If you live in NJ and are in need of a consultation with a divorce attorney you should contact a top divorce attorney in New Jersey. A New Jersey divorce attorney will be able to walk you through every step in this complex process.
What is alimony?
Once the Complaint or Petition for Divorce is filed, the attorneys must get to work immediately to scour any and all bank accounts, retirement plans, or any other tangible assets, same which will be set forth, then details regarding the division of the assets (and any custodial support if applicable) will be presented to the judge for approval. The couple, who started their lives together with great hope in their heart and once upon a time shared every detail of their finances, now are each seeking to devise a plan for their own financial gain, be it through liquid assets, long-term financial security or property. It gets pretty ugly at times as each person feels there is a reason why they should receive a bigger slice of the financial pie. A family law attorney is left to sort out the sometimes sordid details, and, in doing so, will seek the most beneficial settlement available for his or her client at the time of the divorce decree, as well as for the future. This settlement is referred to as “alimony”.
Often people mistake alimony for child support and they are two very different items. Alimony is defined as payments made to an ex-spouse as part of the divorce settlement, and, child support is money paid to the ex-spouse in conjunction with each minor child that was a byproduct of the marriage. Sometimes, both alimony and child support must be paid to an ex-spouse and there is no cut-and-dried method for determining the amount of money just as there are no identical circumstances for each family.
The actual concept of alimony is to protect the spouse who might have been a stay-at-home parent, or forsaken their career to opt to be the primary caretaker of the children. Once divorce rears its ugly head, here is how the scene plays out: suddenly, the spouse and primary breadwinner in the family is gone; the judge must ensure that the spouse, who is left behind, without the benefit of a regular paycheck, is able to have their needs met for the lifestyle they have grown accustomed to. This payment schedule that was set in stone by the judge by the divorce decree is money slated for the ex-spouse per the terms agreed upon by each. This decision, often disputed by the opposing spouse, can actually languish in the courts for years, but is actually considered a type of “insurance” until the ex-spouse can get back on their feet. This is referred to as temporary alimony. It is important to note that the alimony payments will stop once the ex-spouse receiving them remarries.
Computation of alimony
Different states will compute alimony schedules and recommendations based on specific criteria. For example, in New Jersey, there are four different types of alimony, and some thirteen different sets of criteria utilized by judges in that state to achieve a formula for each separate case. The judge does not simply use a boilerplate form – there is a thought process based on the criteria to come up with a plan for the amount and duration of the alimony payments.
Types of alimony
Temporary alimony, as alluded to above, may be paid for a period of two years or less.
Permanent alimony encompasses payments when a couple were married for twenty years or more and will continue until a spouse remarries or passes away.
Rehabilitative alimony is paid on a temporary basis, and its purpose is to provide financial assistance while the former spouse completes training or education which will serve to make them more employable.
Reimbursement alimony is paid as a type of remuneration if one spouse made significant financial sacrifices to allow the other spouse to earn a professional degree during the pendency of the marriage, thus reimbursement alimony gives the other spouse the same opportunity to achieve a professional degree. Determine the alimony amount
A judge’s job is to examine the couple’s relationship in good times as well as bad times. The judge must analyze criteria such as the duration of the marriage, work histories of the parties, ongoing and future responsibilities required of the spouse, the mental and physical health of the spouse, as well as financial aspects such as income and tax situations. By understanding which spouse made the biggest financial contributions to the marriage, the judge will factor all the criteria into the alimony allocation decision to ensure that the spouse will enjoy a financial future comparable to that during the pendency of the marriage. A masterful attorney who specializes in family law will be your best choice to help make your impending divorce woes go smoothly and in your favor, so see a top divorce lawyer in New Jersey soon.
Though a simple divorce could be in the cards if minimal assets and no children are involved, more often than not, the division of assets and property must be fair and square and the assistance of a professional, such as a divorce attorney, is brought into the fray to get this accomplished in the most-expedient manner possible. If you live in NJ and are in need of a consultation with a divorce attorney you should contact a top divorce attorney in New Jersey. A New Jersey divorce attorney will be able to walk you through every step in this complex process.
What is alimony?
Once the Complaint or Petition for Divorce is filed, the attorneys must get to work immediately to scour any and all bank accounts, retirement plans, or any other tangible assets, same which will be set forth, then details regarding the division of the assets (and any custodial support if applicable) will be presented to the judge for approval. The couple, who started their lives together with great hope in their heart and once upon a time shared every detail of their finances, now are each seeking to devise a plan for their own financial gain, be it through liquid assets, long-term financial security or property. It gets pretty ugly at times as each person feels there is a reason why they should receive a bigger slice of the financial pie. A family law attorney is left to sort out the sometimes sordid details, and, in doing so, will seek the most beneficial settlement available for his or her client at the time of the divorce decree, as well as for the future. This settlement is referred to as “alimony”.
Often people mistake alimony for child support and they are two very different items. Alimony is defined as payments made to an ex-spouse as part of the divorce settlement, and, child support is money paid to the ex-spouse in conjunction with each minor child that was a byproduct of the marriage. Sometimes, both alimony and child support must be paid to an ex-spouse and there is no cut-and-dried method for determining the amount of money just as there are no identical circumstances for each family.
The actual concept of alimony is to protect the spouse who might have been a stay-at-home parent, or forsaken their career to opt to be the primary caretaker of the children. Once divorce rears its ugly head, here is how the scene plays out: suddenly, the spouse and primary breadwinner in the family is gone; the judge must ensure that the spouse, who is left behind, without the benefit of a regular paycheck, is able to have their needs met for the lifestyle they have grown accustomed to. This payment schedule that was set in stone by the judge by the divorce decree is money slated for the ex-spouse per the terms agreed upon by each. This decision, often disputed by the opposing spouse, can actually languish in the courts for years, but is actually considered a type of “insurance” until the ex-spouse can get back on their feet. This is referred to as temporary alimony. It is important to note that the alimony payments will stop once the ex-spouse receiving them remarries.
Computation of alimony
Different states will compute alimony schedules and recommendations based on specific criteria. For example, in New Jersey, there are four different types of alimony, and some thirteen different sets of criteria utilized by judges in that state to achieve a formula for each separate case. The judge does not simply use a boilerplate form – there is a thought process based on the criteria to come up with a plan for the amount and duration of the alimony payments.
Types of alimony
Temporary alimony, as alluded to above, may be paid for a period of two years or less.
Permanent alimony encompasses payments when a couple were married for twenty years or more and will continue until a spouse remarries or passes away.
Rehabilitative alimony is paid on a temporary basis, and its purpose is to provide financial assistance while the former spouse completes training or education which will serve to make them more employable.
Reimbursement alimony is paid as a type of remuneration if one spouse made significant financial sacrifices to allow the other spouse to earn a professional degree during the pendency of the marriage, thus reimbursement alimony gives the other spouse the same opportunity to achieve a professional degree. Determine the alimony amount
A judge’s job is to examine the couple’s relationship in good times as well as bad times. The judge must analyze criteria such as the duration of the marriage, work histories of the parties, ongoing and future responsibilities required of the spouse, the mental and physical health of the spouse, as well as financial aspects such as income and tax situations. By understanding which spouse made the biggest financial contributions to the marriage, the judge will factor all the criteria into the alimony allocation decision to ensure that the spouse will enjoy a financial future comparable to that during the pendency of the marriage. A masterful attorney who specializes in family law will be your best choice to help make your impending divorce woes go smoothly and in your favor, so see a top divorce lawyer in New Jersey soon.