In divorce, a common question is, “what is the alimony formula?” Well, there really is no fixed formula for divorce alimony. This is in stark contrast to child support, which is decided based on state-specific formulas. Alimony is based on factors and those factors are decided by divorce settlement or by a divorce judge. But, there is no alimony formula available for your divorce attorney or you to determine in advance what alimony will be paid in your case.
What does a divorce court look at to determine alimony? Those issues vary by state. But, there are also many alimony factors that are common from state to state. So while there is no specific alimony formula you can rely on, there are alimony factors you can look at to help you determine what alimony might be in your case.
In divorce, some of the alimony factors that a judge might consider include the following. First is the length of your marriage. If the parties have been married for one year, the court’s attitude toward a child support application will be very different than if the parties have been married for twenty years. Because the length of the marriage varies so much across divorces, it is not possible to include this factor in an alimony forum to determine the amount of alimony.
Another factor that affects the granting of alimony is the employment situation. Obviously, if the spouse applying for alimony has been unemployed or underemployed for a number of years to care for young children, the home, or the spouse, that is a factor that will play in that spouse’s favor if he or she is applying for alimony. food. On the other hand, if that spouse has the ability to obtain employment that more than adequately meets her needs, the court might think a little differently about awarding alimony to that party. Other factors closely considered with this factor include education level, work experience, age of children in the household, and employment history.
An important factor that can affect the award of alimony is the amount of property that the parties must retain or divide. If the spouse requesting alimony has been a stay-at-home parent, but will have significant assets after the divorce or has separate assets, such as a trust fund, the court’s attitude regarding the award of alimony will be will be affected. The court will certainly consider a request for alimony under these circumstances very differently than a request made by a person who receives no property in the divorce or who has no separate property.
The health of the party seeking child support is an important factor that can affect a court’s decision in awarding child support. If the spouse requesting alimony has a debilitating physical condition that affects whether or how much they can work, the court will not want to impoverish that party after the divorce and the court is more likely to use alimony to address at least basic needs. of the life.
Another factor that must be considered by the divorce court and by the parties is the taxation of alimony payments. In most cases, if there is no specific provision to the contrary, spousal support payments are taxable to the payee and tax deductible to the payer. The tax benefit gained from spreading financial wealth in this way can be significant and should be fully discussed with your divorce attorney.
One issue that is not always considered by the court, but should be discussed with your divorce attorney, is that alimony payments are generally not dischargeable in bankruptcy. If there is any possibility that the party that must pay alimony will file for bankruptcy, divorce attorneys will bargain very hard on both sides to maximize the ultimate benefit for their client in divorce.
Therefore, it should go without saying that in divorce, there can be no easy alimony forum, no matter what state you live in. It is impossible to plug these and other factors into a mathematical equation to arrive at a “correct” alimony formula. It is necessary for the divorce court or divorce attorneys to review how these various and different factors affect both parties in the divorce and then come to a solution that encompasses all divorce issues, including the property settlement and alimony. They cannot simply establish an alimony formula that works for all parties.