People in all walks of life often have financial concerns on their minds. You may find yourself having new worries now that you and your spouse are getting a divorce. While focusing on property division and ensuring that you get your fair share is important, you may also want to consider the possibility of spousal support.
Though tax laws have changed regarding alimony, it does not mean that it is no longer an important part of divorce proceedings. In fact, numerous people undoubtedly still need this type of support but may now face a more difficult time negotiating for it due to the tax implications for the payor.
How is alimony determined?
Because each divorce case is different, no set amount of alimony applies to every case. In fact, some cases may not have an alimony award at all. When considering whether to award you spousal support and how much to award, the court will look into the following factors:
- The length of your marriage
- The significance of your need for support
- The lifestyle you maintained during the marriage
- The other party’s ability to pay support
- Age and health of both you and your soon-to-be ex
- Whether you have minor children
- The amount of non-marital assets you maintain
The purpose of alimony is to ensure that you, as a non-wage earner or lower-wage earner, do not face unfair financial impacts as a result of the divorce. However, the outcomes of support proceedings should also not put an unfair burden on the paying individual.
Can agreements change?
Over the course of anyone’s life, circumstances change. In the event that your circumstances or your ex’s circumstances change considerably, reason may exist to pursue a modification of the spousal support agreement. In cases of altering the agreements, either party could request a modification from the court. However, an option to create a non-modifiable agreement could exist, which could prevent future conflicts as neither party can request changes.
Because Minnesota states laws and numerous other factors can also influence alimony outcomes, you may want to gain reliable information on how these factors and your specific circumstances could affect your case. Discussing concerns and having questions answered by a legal professional could prove beneficial to you as your case moves forward if you hope to obtain this type of support.