If you had a long marriage and were the primary breadwinner, you might be stressing out about the consequences of your divorce. You might wonder how much of your hard-earned money you will have to fork out for spousal maintenance payments. While lifetime spousal support is fairly rare, you might potentially face some serious rehabilitative and long-term payments.
Thankfully, there are ways for you and your soon-to-be-ex-wife to come up with a viable scenario. Below is some key information about understanding and determining spousal maintenance in Colorado.
Is my wife eligible?
First, the court must take a look at the financial situation of your wife. It must determine that your wife lacks sufficient property to provide for basic needs. She must also lack the opportunities to support herself through employment. If she is the custodian parent, there may be circumstances that make it appropriate for her to seek support until she can seek employment.
How will my payments be calculated?
If the court finds that your wife is eligible, a fair payment plan will be ordered. Factors considered include:
- The standard of living you both established during marriage
- Financial resources of your wife
- The earning capacity of your wife
- The length of your marriage
- Your ability to meet the financial needs of your wife and yourself
Fault is not considered when calculating payments in Colorado.
Can I make modifications?
Unless you and your wife come to a written agreement to never change payments, you can go to the court to request changes. You can modify spousal maintenance payments if there is a significant change in either of your financial circumstances.
You should also be aware that your payments are generally tax-deductible, and they are taxable for your wife. You can try to create a well-structured payment plan so you both can get the best tax scenario. For more information about financial support after a long divorce, consult a family law lawyer.