Divorce can be a highly stressful experience, no matter how long you were married, or what the marriage was like. Divorce can be particularly stressful when it comes to finances.
The financial changes that a divorce will bring can be hard to deal with. Understanding things like spousal support, also referred to as alimony, can help you know what to expect.
Understanding spousal support
When getting divorced one or both people in the couple may undergo a lifestyle change. However, if one person in the couple has a significantly higher wage than the other, then only one person will be disproportionately impacted. Spousal support is intended to financially support the person who has earned less throughout the marriage.
There can be many reasons for this, for example, if the person who earns less has dedicated themselves to their family and therefore not been able to attain higher education or a maintain career that would allow them a higher salary.
Considerations about spousal support
Spousal support is not awarded in all divorces. There are often a variety of things that need to be taken into consideration when it comes to spousal support. For example, the lifestyle of both divorcees will be considered, as will whether or not there has been any wrongdoing by either partner. The financial needs and incomes of both parties will also factor into whether or not spousal support is awarded.
Divorce is often not a straightforward path. It can spur many changes for divorcees, especially in the financial realm. Understanding what your options are can help you prepare for your new life.