In addition to dividing assets, a divorce attorney will help draft an alimony agreement between you and your ex. After the marriage is dissolved, one spouse is legally obligated to support the other until they gain financial independence. Several factors determine whether alimony is granted and for how long. To wrap your head around the process, below are a few points you should know. 

A Brief Guide to Alimony Agreements 

Length of Marriage Matters

When determining whether one spouse is entitled to alimony, the court will look at how long the couple was married. In the case of a years- or decades-long union, the individual with the lower income will receive monthly payments from the higher earner. This is because they might have given up job opportunities to support the other spouse in their career goals, care for the home, or raise the couple’s children. This is often not the case for short-term relationships.   

Alimony Doesn’t Last Forever

Alimony is meant to help the lower-earning spouse maintain their quality of life as they transition to single life. A judge will determine the number of years the agreement will last. When their ex remarries, a person no longer has to pay alimony. The agreement could also be terminated once the person no longer has to serve as a full-time caregiver for children or the court has found they haven’t made an active effort to become self-sufficient. 

The Agreement Is No Longer Tax-Deductible 

Until recently, alimony payments could be deducted when filing taxes. The person receiving alimony could also list it as a source of income on their taxes. Under the 2017 Republican Tax Bill, this is no longer the case. Keep this in mind when discussing the agreement with your divorce attorney and collecting documents for tax season in April.

If you are seeking to dissolve your marriage in New York, contact Middletown-based Cheryl A. Beverson, Attorney At Law. With over 20 years of experience serving Orange County residents, this divorce attorney will make sure the necessary steps are taken to protect your best interests during the proceedings. With a background in family law, she can also help you understand the complexities of custody agreements. To schedule a consultation with this divorce attorney, call (845) 341-0008. Visit the law firm online to learn more.