Alimony consists of payments made from one spouse to another after the marriage has ended. Typically, only women were entitled to alimony; however, Courts are continuously awarding men alimony too. The are numerous factors that affect whether or not a spouse will receive alimony and how much alimony will be awarded. Some of those factors include: (1) length of marriage, (2) income of both parties, (3) standard of living, (4) marital conduct of each party, and (5) the earning capacity of both parties. The most important factor that North Carolina courts look at is the economic (financial) needs of the spouse receiving alimony.
There are three categories of alimony: (1) temporary, (2) final award alimony, and (3) lump-some alimony. Temporary alimony is used during the separation period, and is not necessarily the final amount that may be awarded.
There are multiple types of final award alimony. The most common types of are: (1) permanent, (2) indefinite, or (3) periodic alimony. Under these, a spouse receives alimony for an undefined duration, awarded in periodic installments, to take effect from the final order of dissolution until either parties death or the recipient’s remarriage.
Lump-sum alimony the last category of alimony. This is where one spouse pays a specific amount of money, typically all at once. The type of alimony, and their respective amounts, depend on the factors discussed above. Each type of alimony can have potential benefits and negative effects for each person. Until 2019, alimony was taxable for the spouse who received the money, and the payer could deduct the money for tax purposes. Under the changes that took affect in January of 2019, that is no longer an option.
In 1995, North Carolina replaced the phrase alimony with the phrase Post Separation Support.
There are way too many factors involved in an alimony calculation to attempt to handle a divorce involving alimony on your own. To protect yourself, it is necessary that you hire an attorney to guide you through the process and will fight to protect you and your interests. Contact us now to schedule your free consultation at 919-591-2240 or send us an email by clicking on the button below.