If you want to end your marriage, it’s natural to worry about how the divorce will affect your financial security. Regardless if you think you will be the one paying or receiving alimony, you probably have a lot of questions on the subject. Fortunately, a seasoned divorce attorney can answer all of them. In the meantime, here is what you should know about these financial arrangements.

5 Things to Know About Alimony 

1. It Differs by State

If you have friends or family members who divorced in other states, their stories can provide some insight into the proceedings; however, remember that family law—including the statutes regulating alimony—differ by state. Therefore, your experience may end up being entirely different from theirs. This is also why turning to a local divorce attorney is essential. 

2. There Are No Guarantees

No one is guaranteed to receive alimony. Judges ultimately determine whether a payment arrangement should apply on a case-by-case basis. In general, alimony is granted to those who will be at a financial disadvantage after a divorce. 

3. Income & Career Progression Matter 

Judges consider a dozen or more factors when attempting to determine if one spouse should pay the other alimony. Influencers that can play a major role in the decision include each party’s income, earning potential, and career progression. How each spouse behaved during the marriage can also affect whether a payment arrangement is warranted.

4. Payments Affect Tax Obligations 

Alimony payments are both taxable for the party receiving them and deductible for the party making them. It is important to keep this in mind as soon as the arrangement begins because the payments could affect your financial situation significantly come tax time. 

5. Alimony Is Its Own Entity 

Alimony is different from child support. Just because a child support arrangement is warranted does not mean the judge will order alimony, as well. Additionally, these payments have no bearing on entitlements to pensions or Social Security benefits. 

If you want to end your marriage, turn to a divorce attorney at Arndt Buswell & Thorn, SC for strategic guidance during every stage of the proceedings. Located in Sparta and Bangor, this full-service firm is proud to represent clients throughout western and central Wisconsin. Their legal team has more than 25 years of experience resolving all kinds of complicated cases. In addition to family law, their areas of expertise include estate planning, bankruptcy, criminal defense, business law, and personal injury law. To request an initial consultation with a divorce attorney on their team, visit their website or call (608) 269-1200.