Alimony payments are certainly going to be calculated with a spouse’s financial needs in mind, but that is not the only thing that matters. The court can look at a wide variety of factors to determine what kind of alimony someone should receive. In any case, whether you are giving or receiving the alimony, it is helpful to have a Memphis, Tennessee alimony lawyer by your side.
Which Financial Factors Can Affect Alimony Payments?
The court will take a good look at each spouse’s financial situation to see what kind of alimony agreement should be reached. They might want a closer glance at things like:
- The incomes of each spouse
- The standard of living established during the marriage
- The earning potential of each spouse
- Whether either spouse has other sources of income, like rental property or a trust
These all help paint a picture of the relationship, what each spouse has, and what each spouse might need in the future. However, a few other factors usually get weighed before the alimony arrangement becomes final.
What Else Can Help Determine an Agreement on Alimony Payments?
The court can also take into account additional information about the marriage and both spouses when it is making a decision. Some things that might come up include:
- The age and health of both spouses
- How long the marriage lasted
- Who takes on the majority of childcare duties
- Whether one spouse worked while another received an education
- How long it would take a spouse to complete job training or education program
What Kind of Alimony Can Be Awarded in Tennessee?
It is also important to note that there are different types of alimony that can be awarded depending on the financial needs of your spouse. Common arrangements include:
Alimony in solido: This is a lump sum payment that is owed to the recipient spouse, but it can actually be paid off in installments.
Transitional alimony: This is designed to help spouses support themselves during the divorce process and payments often stop as soon as the divorce is finalized.
Alimony in futuro: This can last for a short or long period of time, based mostly on the supported spouse’s financial needs.
Rehabilitative alimony: These alimony payments help a spouse train or go to school so that they can enter the workforce.
Can Alimony Change if Financial Needs Change?
In some cases, the spouse who makes the alimony payments can have a change in their financial situation. In other cases, a recipient spouse begins to cohabitate with someone or gets remarried. If there are major changes in the financial needs or situation of either spouse, filing a petition with the court and revisiting an alimony arrangement may be possible.
Contact Our Law Firm
Is there anything else that you want to know about alimony payments? Then contact Rice Law and learn more about what our lawyers can do to help you fight for a fair alimony agreement. Schedule a consultation with our team today.