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Divorce is devastating but not having a source of income after separation is harrowing. Alimony can be either by mutual agreement or by court order. A family lawyer helps the couple decide and work out a fair amount of alimony. Leo Mongillo Law Firm: Your Best Aid to Deal with the Stress of Divorce.
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Alimony is the amount received by one spouse from another after separation. Alimony payment bridges the economic gap between spouses. The spouse who has always stayed at home during the marriage will have no way to support them after a divorce. Divorce is devastating but not having a source of income after separation is harrowing. Alimony can be either by mutual agreement or by court order. A family lawyer helps the couple decide and work out a fair amount of alimony. Leo Mongillo Law Firm: Your Best Aid to Deal with the Stress of Divorce.
Types of Alimony:1. Temporary alimony supports a spouse during the divorce or separation proceedings.2. Couples in a cohabitating relationship can also apply for alimony payments.3. If a spouse is still studying, the spouse may have to support the spouse.4. In the case of a differently-abled spouse, the court might order permanent alimony to be paid by the other spouse.
Factors that determine the amount of alimonyThere are a lot of factors considered before deciding the alimony amount.1. The age of both the spouses2. The physical fitness and condition3. The number of years that the marriage lasted4. The financial position of each party5. The amount of time the non-earning spouse takes to become independent.6. The standard of living of the couple during the marriageAlimony may not be permanent. Alimony received is canceled if the alimony-receiving spouse remarries.
Lump-sum AlimonyPaying monthly amounts can be a problem. A spouse can escape paying monthly amounts by paying the amount in one installment. The court and the spouse have to agree to the lump sum amount. Some governments allow the payment of the lump-sum amount. The sum must be equal to the sum of monthly installments.
Benefits of lump-sum alimonyThere are many benefits of receiving the alimony as a lump sum. The spouse may delay the payment of monthly amounts. The receiving spouse may face problems in paying the rent and grocery bills. If the amount received is put in a bank. The spouse will earn interest on the same. A dollar today is better than a dollar received later. The spouse can invest the lump sum and get returns. It will add value to the amount of alimony received. The receiving spouse will not have to go to court to get an alimony payment order in case of receiving a lump sum alimony.
Tax advantages and disadvantages of lump sum alimonyThe income tax department might charge tax on the whole amount on receiving the amount. However, if the department labels the amount received as settlement, the amount becomes tax-free.
The spouses must meet an expert before deciding on an alimony amount. A family lawyer who knows all the secrets and can guide the family to a better future is necessary. Divorce is not a short-term decision. It is a long-term decision that affects the whole family. The non-earning spouse is entitled to receive alimony till they learn to earn and become independent. A family lawyer can help them settle beneficial for both parties. Mongillo law firm is a renowned family law firm that takes extra care of its clients. They work around the client’s convenience and help them get the best out of a situation.SOURCE CREDIT: https://medium.com/@leonardoandreamongillo/all-you-need-to-know-about-alimony-leo-mongillo-5f027cd42432
