There are several options available for ending a marriage, including uncontested divorce, mediation, or legal court proceedings. This is where the financial story will unfold. Your reasoning and insight are needed to convince a judge or your spouse of your need for financial support.Īn important consideration early on in a divorce is the method you and your spouse will use to end the marriage.
Doing so can help you develop a compelling rationale to share during the divorce process. If you plan to request alimony as part of your divorce agreement, you'll want to start with a clear picture of your current and future financial circumstances. One tangible way to do this is to create a post-divorce budget. That’s not to say that having children guarantees that one member of a divorcing pair will get alimony.Īs part of the negotiation, it's important to consider your financial needs and expectations for your next phase. It's a different issue from child support, which is negotiated separately in the divorce process. There aren't federal or state regulations stating how long someone has to be married to receive alimony, or how long it has to be paid, but some experts suggest using 10 years as a rough dividing line when thinking about spousal support.Ĭhildren only impact alimony with regard to whether or not one person chose to stay home with them or changed his or her career to accommodate childcare.
#DIVORCE FINANCES PROFESSIONAL#
Typically, the longer the marriage, the more likely it is that one spouse has focused more on professional advancement, leading to higher pay, while the other has taken on the primary responsibility of taking care of the family or home. How long does alimony last? The payments are negotiated as part of the divorce process. While a marriage's length doesn't technically matter when it comes to alimony, also called "spousal support," it can have a considerable impact on whether or not it's awarded. How long do you have to pay alimony? (Alternatively, how long will you receive alimony?) Whether you're considering divorce, going through the process right now, or rebuilding your life, here are strategies and resources that can help. When you're in control of your finances, you're in control of your future. Having a firm understanding of finances in divorce can be difficult, but it's important.
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