Are You Entitled to Alimony?
During a divorce, there are four main ways to transfer assets in the event of a divorce: property settlement, retirement accounts, child support, and alimony. Although the first three can be difficult to determine, alimony is perhaps the most complicated.
What is Alimony?
Also known as spousal support, alimony is money paid from the spouse who earns more to the spouse with less income or other financial resources after a divorce. Because of this, alimony is only awarded to one of the spouses. Alimony comes from the future earnings of one of the spouses and is paid over a set period of time. Alimony may come in the form of direct payments such as a monthly check or deposit, or it may come in an indirect way such as one spouse paying the other’s rent or other bills. Not all divorce decrees include alimony, especially if the marriage was brief or both spouses earned around the same level of income. Any voluntary payments that go beyond the scope of alimony in the divorce decree are not considered to be alimony.
Representation for a Divorce Agreement
There are potentially hundreds of thousands or even millions of dollars on the line due to potential tax pitfalls alone when it comes to alimony whether you are the receiver or the payer. Before negotiating a divorce agreement, contact the Law Office of Renkin & Associates for representation in your divorce proceeding. We will fight for what is yours – from both your soon-to-be-ex-spouse and the government.