After a divorce, some exes receive a form of monetary compensation called spousal maintenance. Spousal maintenance, sometimes called spousal support or alimony, is a type of payment one spouse gives to the other to offset the cost of the divorce process as well as to help them sustain a comfortable living standard.
Per New York Consolidated Laws, Family Court Act (FCT) Section 412, the amount the payor has to give to the payee is determined by factors like age, income and health. In addition, payments end when:
-Either spouse dies
-Both parties submit a written agreement to stop payments
-An issuance of a judgment of divorce occurs
-Both parties present an oral stipulation during a court hearing
If you’re going to pay or receive spousal support, it’s important to know about the various kinds of spousal maintenance available. Here are three below.
The goal of rehabilitative spousal maintenance is to provide for a spouse until they’re able to achieve financial independence. For example, the spouse receiving the payment has to work toward self-sufficiency by obtaining employment or enrolling in vocational training.
Permanent spousal maintenance supports those unable to accomplish financial independence. It’s typically for couples in long-term marriages (15 to 20+ years). Permanent spousal maintenance ends when the spouse passes away or marries someone else.
A spouse pays temporary spousal maintenance to another spouse to help them for the next few months or years, depending on how long it takes for a court to finalize a divorce.
Getting a divorce can be financially taxing, particularly for low-income spouses. If you want to learn more about the intricacies of spousal maintenance as a payor or payee, go ahead and reach out to experience legal guidance for help.