Will You Need to Pay Spousal Support to Maintain Standards of Living?
It’s important to understand the distinct differences between child support and spousal support. Even if one parent is paying money every month to cover the costs of the child’s living, there might also need to be an additional payment for spousal support.
What Is Spousal Support?
This type of payment is sometimes known as alimony. There are two purposes for spousal support payments:
- Help both people maintain the marital standard of living
- Assist the spouses in establishing themselves financially after divorce
Remember that both spouses need to maintain a standard of living. This means that one person is not entitled over the other to shape the way the finances are managed. For example, even though there is a spousal obligation for the person earning more money to pay spousal support to the person earning a lower wage, these payments should not be at the detriment of the higher-earning spouse.
Paying for Two Households
The financial pressure is understandable after divorce. Consider the fact that you are taking a combined income and a single household and splitting it into two households. Even if income levels remain the same, the costs go up since it’s necessary to pay for two homes: food, mortgage, paying bills, entertainment, covering utility costs, and future events.
There needs to be a shared understanding between both partners: your life is going to change. If you were previously living paycheck-to-paycheck and had little savings in the bank, then there will be significant changes when it’s time to start paying for two households.
How to Calculate Spousal Support
The best place to start when figuring out spousal support is by assessing the anticipated monthly expenses going forward. You can use a sheet to track different categories of spending, such as:
- Rent or mortgage
- Household costs
- And more
Spousal support focuses on meeting basic needs. Keep in mind that spousal support calculators you find online are general recommendations. There are no specific rules that must be followed for spousal support, which means you have room to negotiate and find the right balance for both parents involved.
Finalizing Spousal Support and Payment Details
When you decide on an amount for spousal support, it’s also important to establish the payment timeline and how the transfers will be moving between bank accounts. For example, you might have a specific day of the month when child support needs to be paid, along with the digital currency tool or method by which the transfer will happen. If necessary, wage garnishment can be used to collect child support payments.
Do you need help calculating and finalizing the financial details of your divorce? Then reach out to our experienced team at Grey Legal Group to learn more about our services. We are here to assist you’re your family-focused legal needs. Call for a consultation.