If you are going through the divorce process, you may soon begin to think about your financial future. This includes a variety of questions in regards to property division, child support and alimony.
Alimony, also known as spousal support, is a payment that one partner makes to the other as outlined in a settlement agreement.
It is a common misconception that alimony is always paid as the result of a divorce. This only comes into play when the court needs to correct an unfair economic condition as the result of the divorce. An example of this could be a parent who stayed at home to raise children as opposed to working a job.
Some of the most important alimony questions to answer during divorce include:
— What are the alimony laws in Kentucky?
— Is it possible that you could receive alimony? Is it possible you could be asked to pay alimony?
— Are there any alternatives to alimony?
— How is the amount and length of alimony payments determined?
These are the types of questions that you will want to address as soon as possible. For example, there are times when a person can make a lump sum spousal support payment as opposed to monthly payments.
Regardless of your situation, you need to put yourself first during your divorce. This means learning more about alimony and whether or not it will come into play as the process unwinds.
If you think you should receive alimony or if you believe you may have to pay this, be sure to review your situation in great detail with an experienced attorney so you know what to expect.
Source: FindLaw, “Alimony,” accessed Aug. 25, 2016