Alimony Attorneys Working Tirelessly to Protect Your Rights and your Livelihood
Divorce can be trying, but it doesn’t always have to be the end of the world. Change is hard for most of us, but by having a plan in place and working with professionals that have multiple years of experience in dealing with these cases, you can ease your mind and quickly get back to life as you know it.
OMG Law Firm has a thorough understanding of the needs of couples going through a divorce, and we are ready to assist you. Let us help you to streamline the process, make it less painful, and in most cases, save you time and money (and maybe a bit of your sanity) by handling it with an experienced and trusted team. Call us today at (870) 336-6505 to get started.
How Does Alimony Apply to Me in Arkansas?
Alimony or spousal support can vary from state to state and offers some flexibility on a case-by-case basis. Generally speaking, in Arkansas, though many facts come into play when calculating and awarding alimony, whether there are children involved and who they will reside with is one of the most important factors recognized by the courts.
What Types of Alimony Exist in Arkansas?
Alimony can be categorized in three ways; temporary, rehabilitative, and permanent. As no two situations are the same, each specific set of circumstances is reviewed, and one of the above is awarded by the judge should he/she feel it necessary.
Temporary alimony is just as it sounds and is put in place with the understanding that the spouse receiving the support needs some assistance during the divorce proceedings. This typically ends once the divorce is finalized or at another time (before or shortly after) if deemed necessary by the judge.
Rehabilitative support is the most common category of alimony awarded in Arkansas. It is generally put in place to allow one spouse the time to obtain additional training or education and increase their earning potential so their livelihood and income level can support the lifestyle they had in the marriage. The thought process behind this is that if one spouse had to forego their career development during the marriage to be home with the children, for example, this support allows them to take the opportunity now to better themselves for their future. This support can help to offset the expenses associated with doing this.
Permanent alimony is the third type and the least commonly awarded. It was developed to provide support in the event that one of the spouses is either of advanced age or in poor health, leaving job prospects limited for them to provide for themselves upon divorce. Rather than alimony being awarded on a short-term basis or for a set time, it is permanent, and therefore indefinite, in this type of alimony award.
How is Alimony Calculated and Taxed in Arkansas?
Some states have a formula that is followed, and calculations are, for the most part, black and white, making this process more straightforward. In the state of Arkansas, there isn’t a set formula or worksheet that is followed to determine the amount that will be awarded in each case. This allows the judge to have much more input and freedom to determine what, if anything, is awarded. Due to this factor, it is invaluable to have a team of highly experienced family law lawyers on your side to help you present your case and fight for what is right for you.
Some of the points that judges will take into consideration when determining the amount to be awarded are the standard of living before the divorce, the length of the marriage, each spouse’s current financial situation, and their financial conduct throughout the marriage, as well as future opportunities for each spouse’s ability to obtain income. Other aspects such as adultery and other relevant factors are taken into consideration by the judge when determining if any alimony is awarded.
Modifications can be made to the amount awarded should there be a significant change in the circumstances of either party. This can either be achieved between the former spouses outside of the courts, or they can work within the courts to prove why the amount should be adjusted.
Tax ramifications are also another hot topic when it comes to alimony. Do you get to write off the payments or avoid reporting the income to benefit you at tax time? Up until the end of 2018, alimony recipients had to report and pay taxes on the alimony they received, and the payments made were tax-deductible. This has changed due to the Tax Cuts and Jobs Act, which eliminated the tax deduction for payments made, as well as the need to report the income of the recipient.
When Does Alimony End?
In the cases of rehabilitative or permanent alimony, payments can cease when one of the following scenarios occurs: if the recipient spouse remarries, if they live full time with another person in a cohabitating relationship, or if they have another child and are now receiving court-ordered support from another person. Also, if either party passes away, payments stop.
There are a lot of factors to consider when determining alimony, and as Arkansas is a state without a “set” calculation, it can be an asset to you and your future to work with an experienced attorney to protect and preserve what is rightfully yours. Because the outcome is mostly up to the judge’s discretion as to what is awarded, having a team to help you best prepare to fight for the outcome you are hoping for is of great benefit to you. Contact us today at OMG Law Firm at (870) 336-6505 to get the process started and begin to discuss the specifics of your case.