Do I Qualify for Alimony?

 Posted on November 10, 2022 in Divorce

Getting a divorce can have lifelong implications for your life and your ex-spouse’s life. If you are getting a divorce, you may be concerned about the financial consequences a divorce will have. Divorces can be costly, but what about after the divorce is finalized? You may be wondering, especially if your spouse is a higher earner than you, whether you qualify for alimony, also known as spousal maintenance in Illinois. 

If you are getting a divorce and are curious whether you are eligible for alimony payments, consult with a knowledgeable divorce attorney to discuss your options moving forward. 

How Do You Know if You Qualify? 

The idea behind alimony, support payments paid from one spouse to the other after a divorce, is to prevent one party from experiencing excessive financial difficulty due to their divorce. The lower-earning spouse receives monthly payments from the higher-earner spouse. 

Contrary to popular belief, being required to pay alimony to your spouse is not meant to serve as punishment for a spouse responsible for a marriage dissolving. Illinois law states that any determinations made regarding spousal maintenance are to be made without regard to any alleged marital misconduct. During the divorce proceedings, either spouse is allowed to request alimony. When it comes to alimony, the court will consider several factors when determining whether a spouse is eligible for alimony payments. These factors include:

• The income and property of each party

•  The financial needs of each party

• The existing earning potential of the spouse who is requesting alimony and any hardships they may experience due to the disintegration of the marriage, such as leaving the workforce to become a stay-at-home parent

•   The length of the marriage, including the standard of living established during the marriage

• The age of each spouse and their health

•  Any existing prenuptial or postnuptial agreements 

How Are Alimony Payments Calculated? 

If a judge deems spousal support is appropriate for one party, a statutory formula is used to determine the amount to be paid. Spousal support is equal to 33.3 percent of the payor’s net income minus 25 percent of the payee’s net income. The total amount paid cannot be more than 40 percent of the payor and payee’s combined net income when added to the payee’s net income. If the calculation surpasses this amount, the alimony payment will be reduced to make the total 40 percent.

It is important to note that the formula is used when the annual income of each spouse is less than $500,000. If their annual income exceeds this, the judge will consider additional applicable factors to decide on an appropriate amount of support.

Contact a Wheaton, IL Alimony Attorney 

Getting a divorce can have massive financial implications for all parties involved. If you are getting divorced and want to protect your financial future, contact the skilled DuPage County Alimony lawyers with The Stogsdill Law Firm, P.C.. Call 630-462-9500 today for an all-encompassing consultation.

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm