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Divorce is understandably a hard decision. It is a complex and emotional process that can be stressful for both parties involved.
Aside from the emotional turmoil, there are often some financial consequences to consider like property division, child support, and spousal support–also known as alimony or, in Colorado, maintenance.
If you are going through a divorce and want to understand more about how it works and how it can impact your financial future, this blog post is for you.
I'm Brian R. Boney, and I've been navigating the complex cases of divorce in Colorado for over 17 years. Join me as we demystify this vital financial aspect in divorce cases.
What is Maintenance?
Maintenance is a legal obligation given by the court after a divorce, requiring one spouse to provide financial support to the other. This is based on various factors like income, employability, and financial need and that would aim to ensure both spouses can maintain their standard of living and financial stability after the dissolution of their marriage.
How Does Maintenance Work?
Image by Drazen Zigic on Freepik
Determination of Eligibility
The court will assess both your and your (ex)spouse's financial situation to determine who is eligible to receive alimony and who has the means to pay one.
Calculation of Alimony Amount
If eligibility is established, the court will use various factors to calculate an appropriate amount.
Payment Schedule
Payments may be made periodically (let's say monthly) or as a lump sum--all depending on the court's decision. They will also tell if this can be temporary (or lasting until a specific event, like the recipient spouse's remarriage) or permanent.
Modification and Termination
These financial arrangements can still be modified or terminated especially if there is a major change in either your financial circumstances or if the court may find it appropriate.
Factors Influencing Maintenance Payments
Several factors influence the calculation of the amount to be paid, including:
Length of your marriage
The age and health of both of you
Each of you and your (ex)spouse's income, assets, and debts
The standard of living established during your marriage
Each earning capacity and employability
The recipient spouse's financial needs
The payer spouse's ability to make alimony payments
How your marital property has been divided
Navigating Maintenance with Boney Law Firm
Whether you are the recipient or the paying party, it is very important to have the guidance of an experienced attorney by your side, for that, I urge you to contact the Boney Law Firm today.
As an experienced lawyer in Maintenance in Colorado, I am here to help guide you through the process and ensure your interests are protected.
Get in Touch Today to schedule your consultation, and let's work together to find the right solution for you!