When deciding to divorce, your financial stability is no doubt a crucial factor in your considerations. If you have been a homemaker, concerns about money likely weigh heavily on your mind.
Spouses that stay home to care for the children and households tend to suffer more monetary hardships following a divorce than working spouses. Protecting your rights can allow you to maintain your standard of living following a split.
How is alimony determined?
Alimony is financial support paid by the partner with a higher income to the lesser-earning spouse following a divorce. The courts review many factors when deciding the amount and timeframe of spousal support to award. A judge looks at each person’s ability to earn money and maintain a standard of living similar to the one during the marriage.
How long do you receive alimony?
When courts award alimony, they do so to give you time to adjust to living on your own. The length of time differs depending on your unique situation. For example, rehabilitative alimony compensates for sacrifices you made during the marriage with short-term support so you can obtain education or training. Transitional alimony aims to help you get accustomed to your new life while you increase your earning capacity. You may receive a permanent alimony award if your marriage lasts over 20 years.
Courts consider various details when determining how long to award spousal support. They assess characteristics, such as:
- Education level
- Job skills
- Health issues
- Length of marriage
Massachusetts laws seek equitable distribution of assets and income so that both parties can keep their current standard of living as closely as possible. Understanding your legal rights helps ensure your financial stability.