There are several types of alimony available to a party in Georgia. These include:
- temporary alimony
- lump sum alimony
- periodic alimony
- permanent alimony
The court considers certain factors in awarding alimony which may include, but are not limited to: the standard of living during the marriage, the duration of marriage, the age and physical/emotional condition of the parties, the financial resources of the parties; the time it may take for parties to acquire sufficient education or training for employment, the contributions that a party may have made toward the child rearing, homemaking, education and career building of the other party and family.
Traditionally, alimony has been a taxable event for the receiving party. However, recent changes to tax laws now require that you consult with a professional, like Ms. McCarthy, to ensure that your legal and financial rights are not in jeopardy. It is not unusual for parties to utilize alternative methods of allocating financial resources to prevent a significant tax burdens on a spouse who may be dependent on that income for financial support.
Call us now to discuss how to maximize the benefits of an alimony award.