Family Financial Matters
Everybody knows that a lot changes when you get a divorce. But not everyone is prepared for the number of financial changes they may suddenly face. Maryland has an alimony system in place that is meant to assist people in adjusting to their new lives. It also provides support while they become self-sufficient.
Under Maryland law, there are three types of alimony available:
- Is awarded for the duration of the divorce proceedings
- Is not a guarantee that alimony will be awarded at the end of proceedings
- Is awarded for a set and limited period of time
- Is intended to assist in allowing the payees to become self sufficient
- Is often used to pay for education that will allow the payees to support themselves
- Is highly individualized and the length of time and amount rewarded depends on the circumstances
- Is granted without a set end date
- Is granted when the payees cannot for some reason support themselves
- Can also be granted if the payees, while able to support themselves, cannot maintain anything close to the lifestyle that the payers provided
- Is rarely granted
There is also Modifiable and Non Modifiable Alimony. If a Judge decides the initial Alimony Award after a contested trial, then Alimony can be modified as to amount and duration, if a Motion to Modify is filed during the term of the initial Alimony Award. On the other hand, if the parties reach an Agreement on the Alimony Award, then the parties can also agree whether the Alimony is modifiable as to amount, duration, or both.
The court takes a myriad of factors into account when deciding both the type and amount of alimony to award, if at all. It is important to present your case accurately and effectively in order to protect your assets and make sure that proceedings are fair. A lawyer who can understand your financial situation as well as your spouse’s and who is fully versed in Maryland divorce law can make all the difference, so call us today.