No matter the circumstance, divorce or legal separation can have a significant impact on your financial health. If you are considering a divorce and trying to understand how to decide alimony arrangements or would like to modify an existing alimony arrangement, it is crucial that you consult with a knowledgeable alimony & spousal support attorney immediately.
The Law Offices of Fisher Wise is proud to serve individuals and couples in Chattanooga, Tennessee, and other surrounding areas, including Red Bank, East Ridge, Soddy-Daisy, Hamilton County, Bradley County, Bledsoe County Marion County, Sequatchie County, and Rhea County.
What Is Alimony/Spousal Support?
Also referred to as spousal support, alimony is a court-ordered payment or financial support provided by one spouse to the other spouse during, or for a period after, a divorce. Several factors are often considered by the court to determine whether to award alimony, the amount of alimony to award, as well as how long financial support will continue.
How Is Spousal Support Awarded during a Divorce?
During a divorce, the court may decide to award spousal support to one of the ex-spouses, depending on the existing agreement between the couples or a decision by the court itself. However, in the state of Tennessee, different factors are taken into account when awarding spousal support during a divorce. These include;
- The age, mental state, and physical condition of each spouse.
- The earning capacity, needs, obligations, and financial condition of each spouse.
- The length of the marriage.
- The individual assets of each spouse.
- The standard of living of the couple during the marriage.
- The level of education and training of each spouse, and the length of time the recipient would need for education or training to find employment, increase earning capacity, and become self-sufficient.
- The ability of the spouse providing financial support to support the recipient and still support himself/herself.
However, if you and your spouse will like to have control over the type, amount, and duration of alimony, you can negotiate with each other and come to an agreement. So far as the agreement is fair to both spouses, it will be honored by the court.