Alimony, also referred to as spousal support, obligates one spouse to provide some amount of financial support to the other during or after divorce. Especially if you’re divorcing later in life, these orders may make a huge difference in your financial welfare.
Alimony orders may be temporary, short-term, long-term or permanent. While some states have specific formulas to calculate alimony payments, Minnesota courts determine alimony by making a series of considerations.
The following include some of the factors considered to determine the amount and duration of spousal support that will be awarded:
Spouse seeking support
- Time necessary to acquire education or training to find employment
- Probability of completing education or training and becoming fully or partially self-supporting
- Loss of earnings, seniority, retirement benefits, and/or other employment opportunities given up due to divorce
Would-be providing spouse
- Ability to meet personal needs while also meeting requested spousal support amount
- Other financial obligations
- Physical condition
- Mental condition
- Financial resources
- Whether the spouses had life insurance during the marriage
- Standard of living during marriage
- Duration of marriage
- Contribution of each party to the marital property
- Division of martial property
Projecting your future after divorce can be scary if you’re unsure about the prospects of your finances. An attorney’s job is to help find a solution for you. Contact a lawyer to help you prepare negotiations for spousal support.