Alimony is a sum of money paid by one spouse to another when a marriage ends and a divorce is finalized. The purpose of alimony is to help a spouse who may have been dependent on the other during the marriage. It is granted by a judge for a limited time, designed to help the spouse get on their feet after a marriage is legally desolved. Read below to learn more important facts about alimony that you may be interested in knowing if your marriage is soon to come to a divorce.
Hire a Family Law Lawyer
If you are ordered to pay alimony or suspect that your spouse will seek alimony, or if you need support from your spouse and wish to seek this help, it is ideal to speak to a Minneapolis Alimony Lawyer. An alimony lawyer ensures that things are handled favorably from your needs. It costs very little money to retain a lawyer. They’ll talk to you free of charge to discuss your case to help you learn the many ways they can protect you or help the case.
How Much Will You Pay?
A judge determines the alimony award amount that you will pay to your spouse after a divorce. He uses several pieces of criteria to determine this amount, including the income levels of both parties. Once the alimony order is set, it cannot be changed or altered except in cases when parties resolve the marriage. The order must be dissolved through the same court that issued it in such a case.
Will I Pay Taxes on Alimony?
Alimony is not free money for anyone. Uncle Sam wants his share of the cut. So, if you receive alimony payments from your spouse, you can expect to pay taxes on this amount each year when you file. The amount that you will need to pay depends on the total amount of money received during the year. Make sure you learn the rules of filing taxes when you receive alimony payments so you are not audited by Uncle Sam.
Is Alimony Reserved Only for Women?
Many people wrongly assume that only women can collect alimony payments. The truth is, alimony is designed for men as well. Never assume that if you are a man you are out of luck and cannot receive this money. The person who earned the greater amount during the marriage is the anticipated person who will pay out alimony to the spouse if it is sought in court. Men and women both may receive alimony payments.
The Bottom Line
Alimony is designed to help a spouse who was dependent on the other during the course of a marriage. It is not designed to give the person more than what they started with. You may want to consider writing a prenup agreement before the marriage to reduce the risks of being ordered to pay alimony or to ensure that you receive some type of help in the event the marriage ends.