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The ins and outs of alimony

As you go through the divorce process, you'll soon realize that your financial situation is going to change. While some people don't worry much about this, others come to find that they will have a difficult time making ends meet in the future.

While not always the case, alimony can be awarded to one spouse. In short, this is nothing more than a monthly payment that one spouse makes to the other to correct an unfair economic circumstance caused by the divorce.

Whether or not alimony is paid by one spouse depends on a number of factors. Most states have requirements that must be met in order for one individual to be eligible for alimony.

For example, there may be a requirement stating that you had to be married for a minimum of 10 years. Along with this, the person receiving alimony may need to have limited work experience of education, thus making it difficult to land a job and support him or herself.

Note: There are times when alimony can be paid in a lump sum. With this, one spouse makes a single alimony payment to the other. This eliminates the need for monthly payments that could complicate things in the future.

If you have reason to believe you're entitled to receive alimony, it's important to learn more about the requirements in your state and the steps you should take as the divorce process moves forward. When you know where you stand and what you should be doing, it's easier to make decisions that could work in your favor.

Source: FindLaw, "Alimony," accessed March 02, 2017

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