Alimony, also known as spousal support, refers to payments made to support a former spouse and maintain their standard of living after a divorce. The purpose of alimony is to compensate for one spouses lower net worth or earning potential created by the circumstances of the marriage. In many marriages, one spouse takes on more responsibility for things like child care and homemaking while the other pursues a career and earns more income. Alimony is based on the idea that the higher-earning spouse in this scenario personally benefits from the stay-at-home parent's efforts and may remain economically advantaged by the situation long after the marriage has ended.
Eligibility for alimony is based on several factors, including each spouse's assets, debt, age, income, and earning potential, the length of the marriage, and both spouses' needs. In many states, formulas exist to assist the court with calculating alimony figures. These often compare the monthly incomes of the spouses and award a certain percentage of the difference to the lower-earning spouse. However, the court has the final say on whether to grant a request for alimony, and spousal support amounts should be agreed to by both parties.
It's important to note that alimony is not mandatory in most states, but it can be mandated by a judge depending on certain conditions, such as if one spouse will face hardships without financial support. Alimony payments may be permanent or temporary, depending on the individual situation.
