3 Facts You Need To Know About Spousal Agreements
Getting married usually comes with the hope that you will spend the rest of your life with your spouse. However, sometimes, irreconcilable differences may arise, leading to the need for a separation. In some cases, separation may occur when you already have children with your partner.
The challenge arises when you separate but do not have the finances to fund your new life, especially if you were a stay-at-home parent or had to change your career path to take care of the family. Fortunately, a spousal agreement instituted by the law ensures you do not get shortchanged after the divorce. Here is what you need to know:
What Is a Spousal Agreement?
This agreement outlines the financial support paid from one partner to another after they have separated. The law directs one partner to provide money to compensate their ex-spouse for their contribution to the marriage. The payments ensure the partner who stayed at home or otherwise made lifestyle changes to contribute to the family's upkeep does not become impoverished after the separation.
It also recognizes that managing the household does not come at the expense of their financial growth. Therefore, the law helps ensure nobody gets punished because they decided to start a family.
What Determines Spousal Support?
The divorce court assesses several factors when determining whether to grant spousal support, and different states have specific laws about the process. Nonetheless, some aspects remain constant. For example, the duration of the marriage, the number of children, and the ex-partner's financial capability help determine how much support is granted. In addition, factors like health status might also come into play.
What Is Rehabilitative Spousal Support?
Another concept you should consider is rehabilitative spousal support. It is a temporary agreement where your partner pays you a certain amount for a fixed length of time after the marriage. Usually, the court will order that one partner pays this kind of support for a time to allow the other party to get back on their feet and achieve financial self-sufficiency. The court order will determine the resources the disadvantaged spouse needs to get back to their feet. They will also outline the duration and amount of financial support.
Getting spousal support is sometimes necessary, especially if the marriage gave you a financial disadvantage over your spouse. You should speak to a family law attorney about this facet of the separation process and get the necessary support.