Factors in Determining Alimony
Alimony, the amount and type is very fact sensitive. Factors that determine an award of alimony may include:
(a) The standard of living established during the marriage.
(b) The duration of the marriage.
(c) The age and the physical and emotional condition of each party.
(d) The financial resources of each party, the non-marital and the marital assets and liabilities distributed to each.
(e) When applicable, the time necessary for either party to acquire sufficient education or training to enable such party to find appropriate employment.
(f) The contribution of each party to the marriage, including, but not limited to, services rendered in homemaking, child care, education, and career building of the other party.
(g) All sources of income available to either party.
The Court may consider any other factor necessary to do equity and justice between the parities.
Alimony is normally tax deductible to the paying party and includable in the receiving parties taxable income.
Forms of Alimony
Alimony has many forms:
- Permanent Periodic – ongoing payments until the death or remarriage of the recipient spouse, or possibly the recipient spouses “cohabitation in a financially supportive relationship.”
- Temporary – money paid to the other spouse for support during the pendency of the dissolution proceeding.
- Rehabilitative – support paid to allow the other spouse to gain education or other employable skills.
- Bridge the Gap – support designed to give the receiving spouse time to reestablish themselves.
- Lump Sum – large chunks of assets.
- Durational – a set amount of alimony for a set amount of time.