One of the most sensitive parts of getting into divorce is claiming fair division for spousal support. There are states which permit substantial modification of alimony during divorce litigation, depending on the capacity to pay, length of marriage, and what couples brought into the marital partnership. The purpose of alimony is to compensate for how one party may have given up a career and financial prospects for the marriage, and is meant to maintain the financial status quo until it.
There are some family spousal support attorneys such as The Law Offices of Joseph Land, which can help you with the adjustment of your spousal support. They will guide you and take care of all the necessary documentation for it to be approved by the court.
If you check out their website at, http://www.josephlandlaw.com/, you’ll find out that there are state divorce laws affecting your alimony modifications. You can know if you are eligible for spousal support adjustment or even to have it cancelled.
Can Spousal Support Payments be Adjusted after a Divorce?
There are many valid reasons that the court may find to order a change in the alimony payments. Among them are:
1. Mutual Agreement for Spousal Support Adjustment
When the ex-couple has come to terms that the alimony must be adjusted to a more forgiving rate, this can be done without the approval of the court. However, for formality’s sake and to prevent problems of refusing to pay spousal support in the future, a binding legal agreement is recommended.
2. Escalator Clause
This can be included in the divorce agreement to adjust the alimony rate automatically to an increase in the payee’s earnings, such as from a raise or increased business.
3. Cost of Living Adjustment (COLA Clause)
This clause lets you modify your alimony depending on your annual cost of living rate due to inflation and economic conditions.
4. Temporary Adjustment
In cases when the payee catches an illness, coming from a recovery or a loss of job, temporary adjustment of alimony may be sought. An temporary increase in support can be also sought when the recipient encounters such misfortunes in life.
5. Alimony Termination
Alimony payments end upon cohabitation and remarriage of the recipient or when the court has decided such payments are unnecessary and impose unfair hardship.
How is Your Income Adjusted by Alimony?
Alimony payments can be made as a lump sum, or as a series of payments. In California, alimony payments are usually calculated as 40% of the higher earning spouse’s income minus 50% of the lower-earning spouse. While alimony is never expected to exceed 40% of someone’s wages, it’s important to have the judge order payments out of gross instead of net income.
Alimony and Child Support are considered taxable income for the recipient. It is also often tax-deductible from the payee.
By now, if you had read helpful resources at http://www.josephlandlaw.com/spousal-support-attorney-los-angeles/, you would have the idea how your income could be adjusted by alimony. There are many factors that can influence your ability to pay or need for alimony, and the court can be flexible about terms. Whatever it is, it is very important for you to take the advice of the best family law attorney to help you cope with your financial woes.