There are many matters to consider during a high-asset divorce. However, one of the most important issues to keep in mind is that of future financial security. Alimony is intended to help limit the unfair economic impact often created by the divorce process and can be essential to creating a sense of financial well-being. Here are some factors that go into determining alimony in Minnesota.
Who qualifies for alimony?
Spouses who were stay-at-home parents or otherwise did not work during the marriage are typically entitled to alimony. Working does not disqualify someone from getting the support he or she needs, though. Earning significantly less than one’s former spouse is another qualifying factor when it comes to alimony.
How is the amount determined?
Most Minnesota judges have wide discretion to consider whatever factors they deem relevant to alimony. While this might vary from divorce to divorce, there are several factors that show up in most cases. These include things like the:
- Age, emotional state and physical condition of both spouses
- Financial condition of both spouses
- Standard of living over the course of the marriage
- Length of the marriage
Perceived financial limitations should never prevent someone from ending an otherwise unhappy marriage. It may, however, prove to be the catalyst for taking action to preserve one’s financial situation both during and after divorce. This can be quite an undertaking, though, which is why some divorcees choose to work closely with knowledgeable attorneys who can help uphold their best interests regarding things like alimony throughout the divorce process.
