Alimony is basically transferring or shifting of some calculated property or funds to one spouse whose financial condition is said to be “poor,” and is not capable to bear his / her own expenses as a single person after a divorce. Alimony comes into the picture only and only when one party is “in need” and the other party is “eligible to pay”. A couple going for divorce can apply for alimony only if the two conditions stated above are fulfilled in the eyes of the law.
Calculations for alimony are often found complex as they involve many factors to be considered, such as the actual individual income, property of a couple, effect in financial status of individuals as singles in their future etc.
There can be many forms of Alimony like:
- Permanent period alimony is a monthly payment that one spouse pays to the other till either or both are alive
- Duration alimony is the where there is a payment of a pre-decided amount to the spouse “in-need” for the said period of time.
- Rehabilitative Alimony is where the week spouse can receive the alimony money for some gain like education course or some skill development program etc.
- Bridge the Gap Alimony is paying the spouse for a short period of time, until the spouse is re-established up to the level that he / she can manage the financial burden.
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