What Is Divorce?

Divorce is often a traumatic experience, not only for the people involved but also for their children. In addition to the emotional stress of separation, there are many financial issues that arise when a couple divorces. For example, if one spouse has a 401k or other retirement account, the court will determine how much money will be awarded to each spouse based on the length of time they have been married. However, if the couple does not have a retirement plan, the court will determine what amount will be awarded based on their total income and assets. The court may also award alimony, child support, and/or property division.

Alimony

Alimony is a form of spousal support that can be paid to an ex-spouse for a specified period of time. It is usually paid by one spouse to another who is unable to work due to disability or because of a divorce. Alimony is generally considered to be an allowance made by a court to help a person maintain his or her standard of living during a marriage. However, it is different from child support in that it is paid by one spouse to the other instead of being paid directly to the children. There are several types of alimony including:

• Permanent - This type of alimony is awarded after a trial, where the court decides how long the payment should last.

• Temporary - This type of alimony can be paid for a specified period of time such as one year or two years.

• Rehabilitative - This type of alimony allows the payer to get back on his or her feet after a divorce.

• Reimbursement - This type of alimony reimburses the payer for a certain expense.

• Imputed Income - This type of alimony imputes income to the payer for the purpose of determining child support payments.

• Contingent - This type of alimony pays the payee only if the payer remarries or dies.

• Modification - This type of alimony may be modified based on a change in circumstances of either party.

• Lump Sum - This type of alimony provides a specific sum of money that is paid to the payee in a lump sum.

Child Support

Child support is the monetary amount that is determined by the court based on the guidelines set forth by the state. Child support is paid to the custodial parent for the benefit of the children. The amount of child support is determined by the combined income of both parents. If one parent makes more money than the other, he or she will have to pay more child support. In addition, if a parent has a high income, he or she will be required to pay more child support.

Property Division

Property division is a method of dividing up the assets of the parties. The court will consider all of the assets and debts of the parties in determining how to divide them. The court will also consider the tax consequences of the distribution of the assets.

In addition, the court may order the sale of the home or other real estate owned by the parties. The proceeds of the sale are then divided between the parties.