You probably know that alimony is the financial support you give to or receive from your former spouse after the divorce, but do you know that there are different forms of alimony? Here is a brief overview of alimony types:
Just like the name suggests, temporary alimony is that which you pay for a limited period. The period may be predetermined or it may be based upon an event or occurrence. For example, if you are going through a divorce, you may be ordered to pay temporary alimony until the divorce is over.
This is the opposite of temporary alimony; it is indefinite in duration. Many people assume that permanent alimony means that you have to make the payments until your death, but that is not the case. Permanent in this case means that the court doesn't determine when the alimony is to end when issuing the alimony order.
This type of alimony is used for compensating one spouse for the economic sacrifices they made during the marriage. Examples of economic sacrifices spouses make include selling their businesses so that they can take care of the kids, resigning from work so that they can move with their spouse or paying for their spouse's tuition fees. It is usually the court's idea that it is unfair for one to make all those sacrifices thinking that they will enjoy the fruits together with their spouse only for the marriage to end up in a divorce.
Rehabilitative alimony is paid until the receiving spouse is able to get back on their feet financially. For example, you may be ordered to pay rehabilitative alimony to help the receiving spouse complete their education or set up a business so that they can become self-sustaining.
Periodic alimony is the one most people are familiar with; this is where one spouse makes regular (say monthly) alimony payments to the other spouse. The payments are usually made in predetermined equal amounts. For example, you may be required to pay the other partner $3,000 every month.
Lump Sum Alimony
Lump sum alimony isn't exactly common, but it is there. Like the name suggests, it is the opposite of periodic alimony and involves one spouse making a lump sum alimony payment to the other one. For example, you may be ordered to make a one-time alimony payment of $100,000 to your partner.
Therefore, when negotiating alimony, don't forget to specify which type of alimony you are talking about. Talk to your divorce lawyer for more information on alimony issues. To learn more, contact a law firm like The Healy Law Firm.