Being concerned about spousal support or alimony is normal, especially since it is a numbers-calculations game that can determine your future financial stability. You also have to discuss separation agreements to set child support, family property distribution, gift allocations, and the like. Fortunately, you can do the preliminary computations of calculating for spousal support and have a better understanding of what to expect. Simply use this article as your guide for doing so.
What Are the Two Basic Types of Alimony Calculations?
Before you can do the math for your alimony, you should first know which category you fall under as an ex-spouse. The good news is there are clear guidelines set for this called the Spousal Support Advisory Guidelines (SSAG). In the section under family law, you can consider SSAG as pursuant to two support formulas that you have to follow. Generally, it is either you have a childless relationship or have children, serving as your basis for calculations.
In addition, take note that the SSAG also states that you may need particular software to compute for alimony, especially if your relationship has complex shares and needs technological interventions to ensure fairness.
Even most family law professionals stand by this, meaning while you may have the ability to compute your alimony, it should only be used for preliminary readings to help you better determine what you have to pay and sacrifice. Therefore, consult with an experienced alimony lawyer to assist you.
What Is the Alimony Calculation for Childless Relationships?
If you have a childless relationship, the alimony calculations should be easier than if you have children since you are dealing with fewer variables. Typically, the support amount would be from 1.5-2 percent against the difference between the spouses’ gross income or the gross income difference per year of the union for up to 50 percent. This fixed range applies if your marriage is 25 years or longer, meaning you can expect a 37.5-50 percent income difference. Just take note that the upper end is secured at the equalization of your net incomes.
While it may seem that childless couples have lesser economic obligations than those with children, the truth is you may have to undergo an economic merger. In other words, you may have to pay lifetime support, leading you to have fewer financial resources than you expected. Consult with your alimony lawyer to have a clearer understanding regarding this.
What Is the Alimony Calculation for With-Child or With-Children Relationships?
For with-child or with children relationships, you may have to seek software-backed computations as advised by the SSAG because of its complexities. It is because you have to do plenty of manual, complex calculations. For instance, you must know the individual net disposable income for you and your ex-spouse, add them together, calculate the alimony range that requires the lower-income recipient spouse to leave, ideally between 40-46 percent. Through all these calculations, you will realize that shorter relationships with children mean you must pay more and longer as compared to childless couples.
Conclusion: Calculating For Spousal Support is a Complex Financial Excercise
Your alimony is a complex financial exercise, especially if you have a lot of entangled assets with your ex-partner. Luckily, you can do the necessary basic calculations and have an informed legal outlook on what you have to deal with for the next couple of years.
Meanwhile, it would be advisable to find an experienced law professional to help you navigate through these challenges by developing a foolproof strategy. This way, you don’t end up with the short end of the stick once the separation agreements are set in stone.
Are you in need of a professional alimony lawyer to assist you with spousal support concerns? Consult with us at Dreyer Davison Lawyers LLP. We can keep your best interests in mind to ensure you undergo a seamless process for your separation. If you are a family in the Lower Mainland and Fraser Valley, fill out the simple questionnaire today to get started.