You never expect to go through a divorce when you are walking down the aisle and it can be an emotionally, mentally, and financially tumultuous time for you and your family.
There are several ways to legally protect your assets and finances, as well as prepare for a clean-cut end to a marriage.
Though alimony was introduced to the legal system when it was not common for both spouses to earn income, it is still commonly awarded to spouses who fit the criteria established by Florida law. Given the right circumstances, alimony amounts and terms are subject to change.
Understanding Alimony Obligations
Each family functions differently. Perhaps one spouse has chosen to leave the workforce and take care of the children, while the other works to financially support the family.
There are many scenarios, but if the spouses decide to part ways and there is unequal earning power over a substantial period, then alimony may be negotiated or awarded.
Alimony is court-ordered payments to a former spouse.. Like most aspects of divorce, it can be more complex than it sounds.
For example, in Florida, there are five different types of alimony:
- Temporary
- Bridge-the-gap
- Rehabilitative
- Durational
- Permanent
The terms of each type are negotiable and, if spouses are unable to find common ground and agree to the others proposed terms, a judge will have to intervene and decide for them.
The methods of payment are another variable in an alimony agreement. It can be paid in a lump sum, transfer of property, or as periodic monthly payments.
What Factors Affect Alimony?
If a spouse is awarded alimony in the form of a lump-sum payment or property transfer, then future modifications are highly unlikely.
However, the end-date for periodic or ongoing payments are generally determined by the judge and can typically be when one of the following occurs:
- The spouse receiving support remarries
- The spouse receiving support cohabitates
- Either spouse passes away
- The spouse receiving support gets a high-paying job, retires, etc.
Do Income Changes Affect Alimony?
One of the more common questions regarding modifications to an alimony agreement is whether or not income changes will affect it.
For example, an escalator clause in your support agreement can base the amount of support given to the other spouse on a percentage of your income, or other agreed upon factor(s).
Another scenario where income can affect alimony is if the supported spouse sees an increase in their income. If that is the case, the spouse paying support could request a decrease in the amount they are paying, and vice versa.
Several other factors affect alimony, including a Cost-of-Living Adjustment (COLA) clause, disability, new obligations, etc.
If you need the services of experienced divorce lawyers in Florida or have any questions about any legal matter, our team at Apfelbaum Law are ready and able to assist you.
Please contact us today for a consultation on planning for a new chapter of your life, in the most efficient and least traumatic way possible for you and your loved ones.
