Are you going through a divorce? Life can feel stressful and chaotic during a divorce, especially when you factor in the wide-ranging emotions that you will be processing. Additionally, the financial aspect of the split can cause a great deal of stress and be life-changing. Spousal support is something that you will hear often hear about and could play a major role in the divorce.
Many wonder, "what is spousal support, and how will it affect me?" Essentially, spousal support is financial support that is given by one party to the other following the split. There are many factors at play here, so read on for all that you need to know.
SPOUSAL SUPPORT & ALIMONY
Another common question is, "what is the difference between spousal support and alimony?" There is actually no difference between the two, with spousal support being the more common term in Canada while alimony is used in the US.
THE PURPOSE OF SPOUSAL SUPPORT
What is spousal support for? The goal is to provide the party with lower or no income financial support so that they are able to live the same quality of life following the divorce. Spousal support is most common when there are children involved (not to be confused with child support) as one party often puts their career on hold to look after the kid(s), which puts them at a financial disadvantage.
WHO IS ENTITLED?
There are many factors that determine who is entitled to spousal support and it is assessed on a case-by-case basis. You may be entitled to spousal support if you have a low income and gave up earning power during the relationship to compensate for caring for your kids and/or you need money to become self-sufficient (training, education etc).
HOW MUCH CAN I RECEIVE?
"What is the average spousal support payment?" is one of the most common questions. There is no clearcut answer as every case is different, and there will be many factors at play, such as the length of the marriage, relationship roles, financial needs and the impact that divorce will have on each party's finances.
TYPES OF SPOUSAL SUPPORT
You should also be aware that there are a few different types of spousal support, such as temporary, permanent and retroactive. What is temporary spousal support? This is often paid while the divorce is pending to cover the associated costs and ends once the separation is finalized.
Permanent spousal support is paid on a monthly basis until one party dies, while rehabilitative support is paid until the receiving party increases their income so that they can be self-sufficient. What is retroactive spousal support? This is a lump-sum payment that dates back to when the divorce was first initiated and costs will have been incurred.
SPEAK WITH A SPOUSAL SUPPORT LAWYER
"What is spousal support?" is a common question during the divorce process and one that can play a major role. Get in touch today with the family lawyers at Dukeshire Law Office for a consultation and find out whether you are entitled to spousal support.