Several factors affect the spousal support in a divorce. Some are below:
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Standard of Living
When the court determines the alimony payment, one factor examines both parties’ living standards. However, it includes their lifestyle, financials, and assets. Most notably, the court assesses the value of assets like homes, vehicles, and any other type of possession of value. So, the child and spousal support calculator depend on the living standards.
The higher or more expensive the couple’s lifestyle, the higher the probability alimony will be awarded. This factor is even more significant in long-term marriages.
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Time Married
The longer the pair has been married, the more significant the amount of spousal support will get awarded. Therefore, there are three categories of marriage:
(i) Long Term Marriage means a marriage longer than seventeen years
(ii) Moreover, moderate Term Marriage is a marriage longer than seven years but less than 17 years.
(iii) Short Term Marriage is considered a marriage less than seven years old.
When it comes to permanent spousal support, it is typically presented only in situations qualifying as a long-term marriage.
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Condition of Both Parties
They consider each party’s mental and physical condition and age when the court defines whether alimony will get a reward. However, the likelihood of spousal support increases when one spouse is older, disabled, or suffering from health problems.
Moreover, someone in relatively decent health and younger would be less likely to be awarded alimony.
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Financial Resources
The monthly child and spousal support calculator depend on the spouse’s need for financial support. Moreover, it includes the ability of the other spouse to meet those needs.
Each spouse’s financial resources comprise nonmarital and marital assets and discerning economic power. The presiding judge will consider every financial help available to both spouses.
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Professional Capacity
Another factor disturbing spousal support payments is the professional earning capacity of both spouses. Therefore, earning ability includes factors like education, skills, professional experience, and the employability of both partners.
The professional capacity consideration primarily observes whether a spouse can earn a living; they are not working while divorced. In other words, this consideration involves determining whether the spouse can work.
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Individual Contributions to the Marriage
The court considers each spouse’s contribution to the marriage in determining monthly alimony payments. Moreover, other than financial, the court recognizes actions like child-rearing, homemaking, and the efforts given toward career-building.
The spouse dedicated significant efforts toward family and marriage improvement. Examples of this consideration are a husband who resigned from his job and relocated when his wife accepted a new position.
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Future Parenting Responsibilities
The court presumes parenting rights are mutual unless the potential harm to the child exists. Therefore, these factors play a role in determining the child and spousal support calculator. Major decisions, including time-sharing, religious and educational needs, and medical and health conditions, are all factored into determining payment.
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Tax Implications
In most cases, receiving spousal support qualifies as taxable income. At the same time, the spouse paying the alimony can write the payment off as a tax-deductible expense. Both spouses’ tax consequences and treatments are beneficial in determining the award amount.
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All Sources of Income
Moreover, the court factors every type of income a spouse gets in determining awards, including investments. For example, suppose one spouse has a portfolio proven through time to earn the spouse a 10% return. In that case, they can use the historic return as additional income and include it in the monthly spousal support payment.
Calculating Child Support
In most cases, child support calculations are according to a statutory formula. Moreover, the child custody and child support laws focus on protecting the children’s best interests. Also, it ensures that each child receives the financial support they need. Generally, the law mandates that both parents continue contributing financially after their divorce.
The child support formula considers several different factors; however, two of the primary drivers in child support resolves are:
- The parents’ incomes and custody rights, and
- The children’s financial desires.
The law applies a basic child support schedule for children’s financial needs. However, unique expenses and any special requirements may factor in as well.
Calculating Spousal Support
Spousal support is different from child support. When it comes to spousal support, there is no legal formula, and there are several factors that go into determining both
(i) which spouse should be obligated to pay, and
(ii) if spousal support is suitable, how much, and for how long.
In many cases, the child and spousal support calculator connect with the overall financial allocation in a couple’s divorce. So, divorcing spouses can work out their differences amicably, e.g., through negotiation, facilitation, or collaborative divorce.
However, this support is a part of a broader discussion involving property division, tax consequences, debt allocation, and other financial matters.
