When you and your spouse decide that it’s time to call it quits, the long process of divorce will start. One of the biggest topics discussed during a divorce is finances. In Mississippi, one spouse may be awarded spousal support to ensure a stable financial future.
What is spousal support?
Spousal support, also commonly referred to as alimony, is a type of financial support that one party will receive from the other. Traditionally, alimony was a form of punishment that was used by a judge in the event that one spouse was at fault. However, spousal support is now commonly used for two main reasons. First, it can be awarded to a spouse who will be in financial need of the money after the divorce takes place to enjoy a similar standard of living as they enjoyed during the marriage. Second, alimony can be used as a form of compensation for one spouse who financially supported the other spouse through a professional school or graduate program.
Lump sum vs. periodic payments
In the state of Mississippi, alimony is disbursed in one of two manners. These include a lump sum payment and periodic payments. A lump sum alimony is a fixed dollar amount that one spouse is ordered to pay the other in a single payment or over a specific period of time. After the decision is made on the amount of the lump-sum payment, it cannot be changed later. Periodic payment alimony is a specified dollar amount that is paid on a monthly basis. Periodic payments can be modified later if a person dies or remarries.
Spousal support is not anything new. It’s been used as a long-time remedy for ensuring that both spouses exiting a marriage can do so on the right financial footing. If you’re currently going through a divorce, it’s advisable to speak to a lawyer to determine whether or not you’re entitled to it.