Alimony or spousal support may be an important aspect of your divorce in Georgia. This type of support ensures that spouses are not left destitute after depending on their exes to pay the bills and cover a range of living expenses during the marriage. But alimony may also be more complex than many spouses realize. For one thing, there are many different types of alimony to consider. Understanding the types of alimony helps you approach your divorce with greater confidence.
Temporary vs. Permanent Alimony
One of the most important distinctions between different types of alimony is the difference between permanent and temporary support. Temporary support is also known as “rehabilitative alimony,” and this moniker should give you some indication of its purpose. Temporary alimony really only serves to get spouses back on their feet, giving them the time and resources necessary to become self-sufficient once again. Rehabilitative or temporary alimony may give spouses the opportunity to return to school, get certifications, and re-enter the workforce with greater confidence and earning capacity.
Permanent alimony is becoming increasingly rare not just in Georgia but also throughout the entire nation. Nevertheless, it is possible in Georgia, and spouses can expect permanent or long-term support if their marriages have lasted many decades. Long-term alimony is especially common in gray divorces where spouses are past retirement age and cannot realistically re-enter the workforce. Permanent alimony is also associated with spouses who are disabled or spouses who have major financial disparities.
Lump Sum vs. Periodic Alimony
There is also a major difference between lump-sum and periodic alimony. As the name suggests, lump-sum alimony is paid all at once. This might be advantageous for a few reasons. First of all, spouses can cut ties with their spouses after this single payment, never having to worry about making monthly payments ever again. Furthermore, this may have certain tax advantages. Receiving spouses may also appreciate the chance to receive a lump sum in order to make certain investments, purchase real estate, and so on.
But despite these advantages, periodic alimony is by far the more common option for divorcing spouses in Georgia. This is when spouses receive a certain portion of their total alimony every month. These periodic payments allow spouses to access funds without risking losing everything on a bad investment or a frivolous purchase. Periodic alimony can also be modified if circumstances change, while you cannot modify a lump-sum payment that has already been made.
Where Can I Find a Qualified Divorce Attorney in Georgia?
If you have been searching for an experienced divorce attorney in Georgia, look no further than Lankford & Moore Law. Over the years, we have helped numerous divorcing spouses in the Georgia area, and we know how important alimony can be for dependent spouses. We also know how important it is for paying spouses to minimize their alimony obligations. Whatever the case may be, you can get started with an effective action plan today by reaching out and booking your consultation.