Alimony is a type of court-ordered payment that one spouse pays to the other following the dissolution of a marriage. When one partner earns more than the other, alimony can help to ensure that person’s financial security during and after divorce proceedings. However, terms and conditions vary from state to state, so it’s best to consult with an attorney in your area pertaining to your specific situation. Alimony is designed as a means of support for those who have sacrificed their careers or had children during the marriage in order for their spouse to pursue a career or education.
You can see a Wisconsin family lawyer if you want to clarify more about the calculation of alimony. Alimony is usually calculated based on a number of factors, including the length of the marriage, the earning capacity of each party, and many more.
Let us now look more into those factors based on which alimony is usually calculated.
- The length of the marriage
The length of the marriage should be considered when calculating alimony and awarding it to one spouse. Alimony can be awarded to either party and paid for a period of time, usually during the life of the recipient. However, if an ex-spouse remarries, alimony can only be awarded if they were legally married to someone else before receiving the divorce. The amount of time that has passed in general is not always taken into consideration when calculating alimony.
- The age of each spouse
It is considered the age of each spouse when calculating alimony. It is not considered out of the ordinary for one spouse to make more money after being married for a lengthy period of time. This is especially true if one spouse stayed at home to raise children or had a career as a homemaker.
- The education level and work history of both parties
The education level and work history of both parties is also a factor when calculating alimony. This review is to see if either party has a proven earning potential that may lead to their removal from the need for alimony. If both parties have similar financial backgrounds, then the length of the marriage can help determine which spouse will be in need of support.
- The earning capacity of both parties
Both parties are expected to maintain their current living standards, but some may need more help than others. The earning capacity of each party is considered before factors such as education level and work history are considered.