When a divorce disrupts your standard of living, alimony is there to provide a financial safety net. Alimony is designed to help you maintain a lifestyle that is appropriate for you, your family and your ambitions. In Tennessee, there are several considerations in determining when and how much alimony will be awarded.
Considering alimony in Tennessee
Alimony is not a sure thing and without the right information and resources, it is a bargaining chip you might miss out on. Tennessee courts consider several factors relevant to your marriage including the length of your marriage, the physical and mental condition of you and your spouse, tax implications of alimony awards and any sacrifices you made to support your spouse’s career ambitions.
An alimony award may come with objectives such as the court’s determination of what you need to be self-sufficient. All alimony awards end upon remarrying.
Establishing and collecting alimony
As Forbes notes, court orders do not set spousal support orders in stone. Depending on your financial circumstances, both you and your ex may appeal to change the terms of the agreement. If you need money for safe housing, you may qualify for transitional alimony. When one spouse sacrificed a career to support the other, rehabilitative alimony for educational expenses may be appropriate. When the divorce involves the sale of the marital home or other jointly owned assets, the court may order alimony in solido, or lump sum alimony. In the cases where elderly couples divorce and one spouse may not be able earn an income that maintains their current standard of living, long-term, or alimony in futuro may be awarded by the court. Proving you need one of the four forms of alimony can help your situation.
Other methods for collecting spousal support include such things as taking out insurance policies on the part of the payor. Annuity contracts can also be used to establish timely payments through monthly planning. Learning more about this subject can help you identify more options to secure the spousal support you need after a divorce.