When it comes to spousal support, several questions come up. It can be a confusing topic for divorcing spouses and often overwhelming. The following post explores some of the more common questions we regularly face as trusted leaders in Jackson and Brandon family law.
How Is Alimony Calculated?
Mississippi law defines two types of alimony: lump sum and periodic payment. The former is a fixed and final dollar amount paid either in a single payment or over a period of time. The latter is subject to modification and ends at the death of either spouse or the remarriage or cohabitation of the receiving spouse.
Unless an alimony agreement can be reached through negotiations, a family court judge will ultimately decide the alimony award amount. Judges will consider both spouses’ health and earning capacities, all income sources of both parties, the reasonable needs of the custodial parent and the child or children, the necessary living expenses of the other parent, and any associated potential taxes. Above all, the court typically looks to create a fair agreement that protects the child and maintains a certain standard of living.
Can I Get Alimony Before My Divorce Is Finalized?
In most cases, yes. A judge could grant a temporary spousal support order while a divorce case is pending. (Either the spouses or the court can decide on the amount). Both spouses will have to prepare monthly income and expense reports and submit them to the court. The judge will then make a temporary alimony award based on the need and ability for the other spouse to pay.
Is Alimony Taxable?
Any spouse who receives alimony must declare those payment(s) as income and pay taxes on it. Additionally, the paying spouse will be able to deduct their payment(s) from their income.
These are only a few of a range of potential issues, and it’s easy to see why hiring a Jackson or Brandon child support attorney is important. Having aggressive and experienced representation on your side could mean all the difference in spousal support negotiations. Reach out to our qualified spousal support and divorce law team to learn more. Call the Law Offices of Rusty Williard today at (601) 824-9797.