Results for tag: "Alimony"

Alimony, also known as spousal support, is a payment made by one spouse to the other after a divorce or legal separation. It is intended to provide financial support to the recipient spouse, and is typically based on the length of the marriage, the income of both spouses, and the needs of the recipient spouse. Alimony is typically paid in monthly installments, although lump-sum payments may also be made. In the United States, alimony is governed by state law, and the amount and duration of payments can vary significantly from state to state. In some states, alimony is awarded based on a formula, while in others, the court has discretion to determine the amount and duration of payments. In addition to court-ordered alimony, spouses may also enter into private agreements regarding alimony payments. These agreements are typically included in a prenuptial or postnuptial agreement, or in a divorce settlement. The alimony market includes a variety of legal services, such as divorce attorneys, mediators, and financial advisors. Companies that provide these services include law firms, mediation centers, and financial planning firms. Show Less Read more