Most people do not bother to learn about the intricacies of the divorce process unless they are confronting the situation themselves. One area of particular mystery, and concern, is the financial agreements that arise from a legal split.
Different types of support payments may come into play, each serving a specific purpose in ensuring financial stability for both parties involved.
Child support is a financial contribution from one parent to the other to help cover the costs of raising their children. It includes expenses such as food, clothing, education and healthcare. Courts base the amount on the needs of the child and the financial situation of the parents.
Alimony or spousal support
Another common type of support payment is alimony, also known as spousal support. This payment provides financial assistance to the lower-earning spouse for a specified period, enabling them to maintain a similar lifestyle post-divorce. Although in the past such support was often awarded only to female partners, the U.S. Supreme Court ruled in 1979 that placing alimony obligations on husbands but not wives was unconstitutional.
During the divorce process, one party may require temporary financial assistance. Temporary support payments aim to cover immediate needs until the final settlement agreement. This ensures that both parties can maintain a reasonable standard of living during the divorce proceedings.
In some cases, a divorce settlement may involve a lump-sum payment instead of ongoing periodic payments. This one-time financial arrangement can be beneficial for both parties, providing a clean break and avoiding the complexities of long-term support obligations.
While not a direct support payment, property settlements also play a role in financial arrangements during divorce. This involves dividing assets, such as real estate, investments and personal property, equitably between the spouses. The goal is to ensure a fair distribution of assets acquired during the marriage.
Reimbursement payments may come into play when one spouse has contributed financially to the education or career development of the other. This type of support acknowledges the investment made during the marriage and aims to balance the financial scales post-divorce.
Modification of support orders
Life circumstances can change, impacting the ability to meet support obligations. In such cases, either party may request a modification of support orders to reflect the current financial situation. This ensures that support payments remain fair and realistic over time.
Understanding these various forms of support is important for individuals navigating the complexities of divorce.