The financial resources of both parties in a divorce case play a major role in how the courts determine alimony.
It’s one of many factors that family law courts use, and understanding how your financial resources affect the alimony you receive or pay is essential to achieving the outcome you want in your divorce case.
Why Your Financial Resources Matter
Your financial resources reflect the ability to pay alimony to a spouse as well as the need to receive alimony to meet financial obligations. Financial resources include marital and non-marital assets.
Georgia law dictates that alimony may be awarded to either spouse according to their needs as well as the ability of the other party to provide spousal support.
According to the state’s laws, financial resources may include income, expenses, property, and benefits from retirement accounts. Knowing what assets are taken into consideration helps you and your attorney determine the best strategy for your divorce.
Factors that Impact Financial Resources
Financial resources are influenced by employment, corporate holdings, income generated from a trust fund, and other factors.
The more resources you have, the more likely you are to pay alimony to a spouse who has fewer resources. Likewise, having more resources means you are less likely to receive alimony when trying to obtain spousal support.
If you’re able to maintain your standard of living established during the marriage, then the courts may not grant you the alimony you think you deserve. Spouses who earn an income but are unable to maintain that standard of living are more likely to receive alimony.
The financial obligations that one party must meet affect their financial resources. For individuals whose income doesn’t allow them to meet these obligations, the courts will grant alimony in order to maintain their financial wellbeing.
Retirement and part-time employment can also play significant roles in the decisions made by family court judges.
Protecting Your Financial Future After Divorce
Knowing how alimony is determined by the courts is the first step in protecting your financial wellbeing during and after your divorce.
Consulting with a skilled family law attorney gives you the resources you need to get the outcome you want. You can gather and provide the evidence that supports your case for the amount of alimony that should be granted to you or your spouse.
Family law attorneys help clients navigate the complex court system. Divorce proceedings can be difficult in cases where spouses disagree on alimony, child support, and other decisions.
Alimony decisions consist of terms related to the amount and duration of the agreement. In addition, agreements may be modified in the future as a result of changes to the circumstances of either spouse.
In some cases, a person may be required to pay alimony as long as the other spouse remains unmarried. Once the alimony recipient marries, alimony may be discontinued according to the terms of the agreement.
The changing ages and needs of children, retirement, death, and other factors also require you to modify an alimony agreement. Your attorney can help you address these changes as they arise.
Understanding how financial resources affect the alimony granted by the courts helps you get the outcome you want. More importantly, it protects you and your financial assets while ensuring the wellbeing of the entire family.