It’s often a difficult decision for both spouses after a divorce, but the final details and figures need to be hashed out in order to reach an agreement. The question on the table is always “How much should I get?” In Wisconsin, courts calculate alimony by looking at each spouse’s income — which is factored with the length of the marriage — and their ability to meet their own needs independently.
However, you can hire a Wisconsin alimony lawyer to make sure that you get the most out of your agreement. The way that the figures are determined makes it possible for both spouses to live a reasonable lifestyle after their divorce. For those who were married for a long duration, it may be necessary to make alimony payments for many years in order to achieve this end.
If you are expecting an alimony payment from your spouse, or if you are required to pay alimony due to your current divorce agreement, keep track of any changes in income or expenses so that you have accurate information when it comes time to reevaluate the terms of your deal.
How Long Do You Have to Pay Alimony?
If you are being ordered to pay alimony, the length of time that you have to make payments depends on a number of factors. For example, the length of the marriage, how long were you married, how many children are there, and how much can the other spouse afford? There are different formulas used by the courts depending upon how long your marriage lasted and how much of a financial need there was, but it is somewhere between 20-44% of income.
If there are any children involved, the alimony payment will be higher — as much as 80% or more. If your spouse earned more than you did, he or she will likely get some money from you in order to pay off alimony. If you are the higher-earning spouse, your ex-partner will be entitled to a percentage of your income. On the other hand, if you are the lower earner, even though you may be making less money, it doesn’t necessarily mean that you won’t have to pay because your assets might add up to more than what is expected. However, it’s important for each party to go over their assets and income with an experienced alimony lawyer. You will want to make sure that you get the best deal possible — whether that means paying or receiving alimony.