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How is the duration of alimony determined in New Mexico?

While married couples often believe that money is a common concern during a marriage, it is often a more prominent concern at the end of a marriage. Because a spouse is worried that their financial needs might not be met in their new post-divorce life, it is likely that they will request alimony. But if alimony is awarded, spouses often question how long they will receive these spousal support payments.

What is an alimony payment?

New Mexico residents going through a divorce are bound to face a number of financial changes after the divorce is final. If a couple has children, the non-custodial parent may have to make monthly child support payments. Someone going through a divorce may also have to re-structure his or her budget, because two incomes may be reduced to one. In addition, one spouse may also be required to make monthly alimony payments, as decided by the court or the divorcing couple.

Different types of alimony that could be awarded in a divorce

The divorce process creates a situation that often includes disputes, emotions, changes and uncertainties. One major concern that divorcing couples in New Mexico and elsewhere in the nation deal with is financial support in their post-divorce life. The fear of moving on and not being able to support him or herself following dissolution could become a real issue, which is why some spouses request alimony in the divorce proceedings.

Spousal support and possible tax implications

Finances and saving money are often on the mind of divorcing couples in New Mexico and elsewhere in the country. It is not only the costs associated with the process and the property division phase that concern spouses, but also their post-divorce financial life. Not only will a spouse consider or request spousal support but will also question how taxes could impact the decisions they make during their dissolution.

Requesting transitional or rehabilitative alimony

It is not uncommon for divorcing couples to seek spousal support in the event of the divorce. While in some cases a spouse will not be about to support themselves immediately after dissolution, this does not require that support payments must last forever after divorce. Instead, in many cases, transitional alimony is awarded. This is a form of rehabilitative alimony, and divorcing couples in New Mexico could utilize this form of alimony to help their ex-spouse get back on their feet after they reach a divorce settlement.

Understanding the factors that determine alimony payments

Navigating a life post-divorce can be challenging. Our firm understands that going through a divorce or dealing with post-divorce issues can be life changing for New Mexico couples. Leaving the comforts of a married life can be difficult, especially when an individual was financially secure due to their ex-spouse. In these situations, it is common to request alimony. Spousal support is often dependent on in the post-divorce life, especially when the newly single spouse is re-entering the work force.

Understanding tax implications involved with alimony

When a couple decides to part ways, there are numerous serious issues to consider. Ending a marriage is not a simple task, but some divorcing couples complicate matters more by not addressing all the necessary and critical components of dissolution. When establishing alimony, during the divorce process, for example, the spouses should consider the short-term and long-term affects of this arrangement.

Making a financial plan during a divorce to establish alimony

When couples in New Mexico determine it is time to end their marriage, finances often determine their next steps. The divorce process is often thought of as a complex and expensive life event. When couples focus on the money, this can lead to additional disputes and could prolong the process and add expenses. This is especially true if the divorcing couple is unable to work together during the property division phase.

Cohabitation risks for alimony receiving spouses

When a couple decides to divorce, finances and child welfare often become part of the package. Child and spousal support are typically combined when divorcing in New Mexico and other parts of the country. Naturally, former spouses may enter new relationships. In many cases, because they receive financial support from a previous spouse, they are inclined to hide a new relationship in efforts to continually receive their court-appointed alimony.

Glock founder ordered to pay alimony by Superior Court

The founder of the Austrian gun company Glock has reportedly been ordered by the highest court to pay alimony to his ex-wife. The couple was married for 49 years before the divorce was finalized and the alimony was ordered. New Mexico spouses may be required to pay alimony to spouses based on a number of factors.