What is Alimony?
Alimony is a legal financial agreement between the married couples and it is practically imposed when the couple gets separated or divorced. According to the family law, one partner of the couple is required to pay to the other partner regularly. The laws for Alimony differ in states and religions but the basic concept behind this financial arrangement is same.
It is a common convention that in the married couples, one partner works and handles all the outside stuff whereas the other partner works domestically and supports the working partner through many ways i.e. taking care of the home and children. But with the passage of time, this convention is changing and both the partners are earning money to support their families in a better way. Now, women are more independent than men as compared to the situation in last few decades. If used in a right way, Alimony is a remedy to use in crisis. But these days, the concept is being used in a wrong way. Some people marry a person rich in wealth just to get huge alimony so that they can have lots of money after separation. This sort of corruption totally changes the meaning of alimony, hence, leaving a bad concept in the mind of people who actually need it.
Three common types of Alimony have been observed in family courts and laws:
â€¢ Permanent Alimony
â€¢ Temporary Alimony
â€¢ Lump sum Alimony
In permanent Alimony, the payments from one partner are made regularly for infinite period of time. But for some people it becomes unaffordable to carry on with the contract so they normally file a petition in the court to end the activity, or change the nature of the arrangement. The nature of Alimony becomes temporary when the receiver receives the finance only to become independent. Once the receiver becomes independent, the Alimony can be ended. The finance in this case can be used for getting some skills or training in a particular field. In lump sum alimony, the particular payment is calculated and it is all paid once. It may sound beneficial for both the parties but also can be unfavorable because of tax issues. Alimony is straight away stopped in case of the death of one partner. Used with proper court advices and honesty it can actually help people to face the financial crisis after divorce or separations.