When undertaking alimony negotiations, the goal is to arrive at a solution that is fair for all parties. This means that many factors must be weighed in determining the appropriate amount of alimony due to an ex-spouse, such as the overall financial states of both parties, their ability to acquire gainful employment after divorce, and all assets included in the alimony package.
First, A Review of the Financial States of Both Parties
One of the most important elements of determining alimony payments is the overall financial state of both soon-to-be ex-spouses. To determine whether the parties would be financially stable after divorce, an attorney could first delve into the various sources of income available to each person.
A lawyer might pay particular attention to:
Income producing real estate such as rental houses
Weighing Earnings and Debts
A family lawyer will also make note of ex-spouses' incomes, debts, and living expenses.
If a woman has the ability to support herself without any contributions from her husband, for instance, then she may not receive any financial compensation
On the other hand, her ex-spouse may owe alimony (in the form of money or property) if she cannot support herself independently
However, sometimes cases are not as simple as that. An ex-spouse's alimony budget may need to be amended if he or she cannot afford certain payments.
Alimony to Rebuild a Client's Career
If one ex-spouse decides to reenter the workforce following separation, he or she may deserve alimony to fund training, education, and time spent preparing to for a career that could help him or her earn sufficient income.
Other factors that could affect an ex-spouse's ability to obtain gainful employment may be evaluated, such as the person's age and health. For example, an elderly man in poor health could find it difficult to work and earn a living after divorce so he may rely on alimony payments following separation.
Assistance with Alimony Negotiations
If you are searching for the right person to help you settle your divorce and alimony negotiations, our attorneys at Smith Strong are happy to help. Reach us today at (804) 325-1245 (Richmond) or 757-941-4298 (Williamsburg).