Long-term alimony is the most difficult type of alimony to obtain. This form of spousal maintenance generally is only awarded to marital partners in long-term marriages that are close to twenty years or longer. When long-term alimony (also called “spousal maintenance”) is awarded, it generally is paid until death, remarriage, or sometimes order of the court following a substantial and material change in circumstances. Our Albuquerque alimony lawyers have provided an overview of the factors that a judge will consider when determining whether to grant long-term alimony. These factors include but are not necessarily limited to the following:
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The duration of the marriage
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Substantial difference in the earnings of the spouses
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Limited earning ability of a spouse based on college, vocational training, job experience and other traits that impact earning capacity
When calculating the amount of long-term alimony in Albuquerque and the surrounding areas, there is no bright line rule or mathematical equation like that for determining child support. The court will determine the amount of long-term spousal support based on consideration of a range of criteria that include the factors above and the following:
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The health and age of each party
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Good faith efforts of each party to obtain employment and become self-sufficient
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The relative income present and future of each party as well as each party’s earning potential from employment
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Property awarded to either party as part of the distribution of assets and debts
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Income produced by the property of each party
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Marital agreement (i.e. prenuptial and post-nuptial agreement)
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The relative reasonable financial needs of either party based on the marital standard of living
Although alimony is usually paid on a monthly basis by check by sending a check to the other spouse, there are other possible arrangements. Sometimes the parties will negotiate a lump-sum alimony buy-out, but there are important considerations when contemplating this option so you should seek legal advice from an experienced New Mexico Spousal Support Attorney.
When the parties consider a lump sum buyout of alimony, the entire amount of the support amount must be reduced to present value. This type of approach also can be difficult because it may necessitate careful financial planning to ensure that the funds are not exhausted if the support is designed to provide long-term support. An Albuquerque Alimony Attorney can discuss these and other special issues related to lump sum or periodic payouts toward spousal support.
3 Tips to an Attorney-Client Divorce Team in New Mexico Part II
The above information is provided to illustrate general principles of law and should not be interpreted as a specific legal opinion on an individual case. You should contact experienced legal counsel to get specific legal advice that is based upon your specific circumstances.
If you are involved in a New Mexico marital dissolution, our New Mexico Alimony Law Firm invites you to contact us so that we can answer any specific questions you have about spousal maintenance. Jay Goodman & Associates offers a free consultation in our centrally located offices in Santa Fe and Albuquerque so that we can discuss your alternatives. Call us today to schedule your free consultation at (505) 989-8117 to learn about your rights and options.
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