On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday March 8, 2021.
Alimony is a form of spousal support once you are divorced. You will usually receive it as a monthly payment as agreed by a Court or in a settlement. However, an alimony waiver is when you agree that you and/or your spouse will not be awarded any support. If you decide to waive alimony during your divorce, you will also be waiving any claim for future support.
The Purpose of Alimony
Alimony is there to help prevent any unfair financial effects as a result of a divorce. For example, if you have been a stay-at-home parent for many years and find yourself in need of an income after a divorce. In this case, you could benefit from alimony to help support you.
Why You May Waive Alimony
There are many reasons why you may decide to waive alimony, however, here are some of the most common reasons:
- You have never relied on your spouse for financial support
- You are the main earner in your household
- You have not been married for very long
- You and your spouse earn similar wages
- You are confident you will be able to support yourself
It is important to note that an alimony waiver does not have to be mutual. Alimony can be waived by you but not necessarily by your spouse.
What Happens When You Waive Alimony?
When you decide to waive alimony, it is a permanent agreement that you cannot modify in the future. So, what happens when you feel confident in being able to support yourself at the time of the divorce but do not want to waive your rights to alimony in the future? In this case, you may want to consider entering an agreement for your spouse to pay you “one dollar a year” in support. As a result of this, it will leave room for you to ask for a rise in alimony in the future if you feel that you need it.
Receiving an award of “one dollar a year” may be appropriate for you if:
- Your future employment is uncertain
- You have health concerns that are preventing you from knowing if you will be able to support yourself in the future
- You and your spouse are of old age
- There is a chance that your spouses’ income will significantly increase in the future
The Law Office of Wickersham and Bowers provides top-notch legal representation to clients in Daytona and southern Florida. Our areas of legal practice include family law, personal injury, eminent domain, and estate planning and probate. Our firm has over 60 years of addressing our clients’ legal issues. Please feel free to contact us by filling out our online form or calling us at (386) 252-3000.
