3 Types of Alimony You Can Get After Divorce

The ability to provide for oneself during and after a divorce is often a great concern for divorcing couples. When a spouse wants to separate or divorce, one of the issues that runs through their mind usually concerns monetary support which they may be subjected to or required to pay.
Spousal support and alimony are all words used to mean the same thing: a spouse paying support to the other during and after divorce.
When you are considering divorce, you need to know what the stakes are as far as the issue of alimony is concerned. Will you be the one paying the alimony or will you be the one entitled to it? Here are three kinds of alimony you need to know about.

1. Permanent Alimony

This type of alimony is often used when people have been married for a long time. Despite its name, this does not imply that the payment of alimony can take the entire period of a spouse’s life. With permanent alimony, money will be paid by one divorcing spouse to the other until such a point when a termination factor occurs. Some examples of the termination factors include remarriage or cohabitation of the payee spouse or when the payee spouse dies. Apart from that, the amount or level of support can terminate or change if the ability of the paying spouse changes or the needs of the recipient change as well.
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2. Rehabilitative Alimony

Also known as a temporary financial award, the rehabilitative alimony is usually designed to assist the dependent spouse to a point where they become self-sufficient. The aim of this sorts of payments could be to obtain new job skills, complete college degree, or cover the recipient’s expenses until they find employment. More often than not, courts award the rehabilitative alimony for a certain period, normally one to five years. This type of alimony isn’t designed to equalize the divorcing spouses’ financial situation but is a way of assisting the dependent partner
to become self-supporting so they can maintain a reasonable living standard.

3. Lump Sum

The lump sum alimony is often given as a single installment, although lump sum payments may also be made over a specified period of time. One-time lump sum payments are usually suitable if one spouse does not want anything to do with their ex-spouse. Moreover, lump sums offer a convenient way of completion since once it is done, there are no more checks.
One feature of the lump sum alimony is that it cannot be modified or changed. As opposed to the periodic alimony, lump-sum alimony does not have a tax burden and is not modifiable.

In Conclusion

When it comes to the issue of alimony, there’s no guarantee that a spouse will be awarded one after a divorce. Couples can work out their arrangements, but in case they fail to do so, the court may have the final say. Working with experienced attorneys can help spouses seeking alimony get what they deserve as long as they can meet the qualifications to enable them to receive it.