Facts: A husband, who plans on retiring in 5-7 years, wants to divorce his wife of 31 years. He is concerned about having to continue giving his wife a large spousal support payment once he is retired when his income will be substantially reduced.
Spouse who have to support an “ex” wants to know what will it cost and how long will it last. Spouse who need support want to know how much will be provided and for how long. We understand the need to know “how much.” We recognize the financial impact of paying support to a former spouse who, could be employed, but isn’t. We also can identify with the feeling of being dependent upon the last person you want financial support from.
Long gone are the days of a fact-dependent analysis of a family to determine if an award of “alimony” to the soon-to-be ex- spouse is in order. Today, “spousal support” is set by a legal formula. The spousal support statute now provides for more certainty because the less-monied spouse will know how much she/he is entitled to and the monied spouse will know how much support he or she will have to pay the less-monied spouse. The spousal support statute also takes into consideration child support payments before ordering spousal support.
The duration of spousal support payments is similarly guided by statute. Under the law, the duration of the spousal support obligation is essentially based upon the length of the parties’ marriage. People can still negotiate the amount and duration of spousal support. For example, spouses sometimes agree to waive spousal support in order to receive a larger share of the marital estate or a lump sum payment – which may or may not have a tax benefit.
We endeavor to find the best solutions for clients who want to move past their divorce. Please contact our office to learn how we can help you move your life forward in the positive direction you are looking for.