Q & A On Money Matters Before You Divorce

Q & A On Money Matters Before You Divorce

Posted to by Lili Vasileff on Fri, 04/25/2008 - 7:24am

From Maya Halpin: My husband and I contribute to household bills according to our income. In other words, since his income represents 75% of our total household income and mine represents 25%, he pays 75% of the bills and I pay 25%. Since we've never paid in 50-50 to our lifestyle, does that ruin my chances to get "traditional" alimony if we were to divorce? (We have no kids.)

Lili Vasileff writes:

Alimony is determined by several legal statutes:

In determining whether alimony shall be awarded, and the duration and amount of the award, the court shall hear the witnesses, if any, of each party, and shall consider the following factors:

1. The length of the marriage,

2. The causes for the dissolution of the marriage,

3. The age, health, station, occupation, amount and sources of income, vocational skills, employability, estate and needs of each of the parties,

4. The property division which the court might make, and

5. In the case of a parent to whom the custody of minor children has been awarded, the desirability of such parent's securing employment.

There is no absolute right to alimony. The court isn't required to give equal weight to each of the specified items it considers in determining an award.

Slowly, the courts have begun to see they don't need to award alimony permanently, like it always was in the past. Today, alimony can still be awarded permanently, but it also serves to "get people back on their feet" after a divorce — not just women, but men as well. Although alimony is usually reserved for longer marriages (i.e. more than 10 years), and/or when one spouse earns substantially more than the other, this is not always the case. Alimony is basically dependent upon the paying spouse's ability to pay and the receiving spouse's need for support.

Most courts typically don't consider marital fault when awarding alimony, although each state is different. The court sometimes might list economic fault, like squandering marital assets on gambling or an affair, as a factor when determining alimony.

Ultimately, alimony is determined on a case-by-case basis. Check your state's laws (known in the legal world as statutes) to see what they have to say about it. If you are in disagreement with your spouse about whether or how much alimony will be paid, you should speak with a mediator and/or family law attorney to work those issues out. A mediator can use his or her training in conflict resolution to help you reach a settlement. An attorney can advise you how cases are typically decided in your area, and if you are likely to be awarded alimony.

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Comments

similar situation .....

My pending situation is not unlike yours. My parents have also contributed significant amounts to our homes, which we have rolled over into our current home. I'm wondering if you can share any words of wisdom with me ? I believe I am facing an inevitable separation soon. Any thoughts are appreciated. Thanks.

rights to a swiss account?

What rights do I have to an account in Switzerland?

Financial Situation

I've been married nearly ten years. We have two children. I am considering divorce, but am worried because my earning potential right now is low. Also, our financial situation may be unique...My parents helped us with our first home--I contributed about 300k (cash! yes cash!) to our first home, my husband about 100k. We had a small mortgage. Subsequently, upon moving to new homes, have reinvested that money so that I've contributed a total of about 800k to our current home--we no longer have a mortgage. My husband has paid the taxes on our current house for about three years. My husband makes about 150k; I inherited money, so I have a personal net worth (not including our house) of about 1.1 million dollars, invested in my own brokerage account. I have not worked in ten years, staying home with both children, taking freelance and part-time teaching jobs for which I have earned very little. That notwithstanding, I have income as a shareholder in a small family corporation, and have earned about 50k/year for the past ten years. As such, I have historically paid for 1) most or all groceries/food 2) all entertainment, school-related/educational expenses for kids 3) most clothing and incidentals (eg toys and books, except on Christmas and birthdays, where my husband has paid about 40 per cent of these costs.) 4) I have paid for at least half of all vacations. I have no debt; neither does my husband. I am nearing 50 years of age, have a masters degree, but, like I said, have not worked really in 10 years, and don't consider myself highly employable right now. My husband has an MBA and has worked for about 25 years for the same company. He has about 500k in a 401k, and a pension. My kids and I are on his insurance plan. I was wondering if someone on this site could tell me what the financial outcome would be if we divorced. Would I get alimony? For how long? How about child support? Thanks.

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