Spousal Maintenance & Alimony
Formerly known as “alimony”, spousal maintenance is a payment made by one party to the other, either on a temporary or permanent basis, to help the person receiving the money to maintain a lifestyle comparable to that they enjoyed during the marriage. It is not appropriate in all cases and tends to be awarded conservatively unless there is a very significant income disparity between the parties.
Financial Impact of Spousal Maintenance
Payment and receipt of spousal support also impacts child support obligations and has significant tax consequences. It can also affect your estate after your death and your ability to retire. Do not enter into an agreement on payment or receipt of spousal maintenance without solid legal and financial advice.