Ex-Couples: How Alimony Works

“It is easy to preach financial independence,” a new Savvy Ladies member remarked at a recent seminar, “but I have already spent ten years as a housewife. My husband and I are miserable together, but there’s no way I would survive without his financial support.”

 

Unfortunately, her situation is far from uncommon. But the good news is: she can get divorced and still maintain a fair standard of living while she gets back on her feet and starts a career of her own. How? The answer is alimony.

 

While not a given right,

US

law mentions that parties in a divorce should be able to live “according to the means to which they have become accustomed.” Meaning, if during the past ten years you made zero dollars while your spouse made $300,000 per year, chances are pretty good that you’ll be able to maintain a decent lifestyle on your own.

 

The length during which an ex-spouse receives alimony depends on many things, from age (younger individuals are generally considered as having better chances to move on with their lives) to how long the marriage lasted. So while nothing is guaranteed, there is still hope!

 

Stacy Francis, Savvy Ladies

www.savvyladies.com

Comments (2)

  1. If a man divorces his wife after a 27 yer marriage and remarries, who is entitled to the husbands social security benefits upon his death?

    • Hello Ronald
      Just to clarify, the social security benefits that you have accrued over your lifetime are not divided up between spouses and widows as some assume.Your ex spouse is entitled to a portion of your social security benefit if the marriage lasted more than 10 years. Your widow is also entitled to a widow’s or survivor benefits upon your death if that marriage was longer than nine months.
      for more information please see the Survivors Benefit information –the link is below

      https://www.ssa.gov/pubs/EN-05-10084.pdf

Leave a Comment

Please wait...

Subscribe to our Monthly Newsletter

Get Savvy about your money! Enter your email address and name below to be the first to know.
Site designed, developed and maintained by ifusion studio.