There are numerous aspects involved in the process of divorce. Property division or child custody are often significant issues during this stressful life event, but there are other areas that may require attention. In Michigan and elsewhere, spousal support is a key aspect in many divorces and can potentially have a significant impact on the financial future of everyone involved.
Spousal support is generally determined based on a number of factors, such as overall income and length of marriage. The income of each spouse may determine the necessary amount for support while the latter could determine the length of time required for support payments. In some cases involving marriages over 10 years, the set time period for spousal support could be indefinite.
Other aspects considered during this process could include the previous standard of living of each spouse, along with each person’s ability to earn income. If the couple is considered to be of significant wealth, the process could be significantly more complex, and the outcome will likely have a larger impact on future financial standings. If one spouse does not wish to make monthly payments, and is able, he or she could propose a buy-out during negotiations.
With the potential gravity of decisions during the end of a marriage, a person might not want to enter the process alone. By speaking with an attorney, a client can obtain guidance throughout the process. A Michigan family law attorney can address a client’s financial needs and concerns, and assist him or her in seeking the most favorable outcome possible regarding spousal support, as well as other crucial areas of divorce.
Source: huffingtonpost.com, “Divorce Confidential: Alimony — Are You On The Hook?“, Caroline Choi, Accessed on May 26, 2017