Are alimony payments considered marital assets?

In Virginia, alimony payments are not considered marital assets. Alimony, also known as spousal support, is a payment made by one spouse to the other spouse in order to provide financial support while a divorce is pending or after the divorce is finalized. The payment is typically made in monthly installments and must be specified in the court order accompanying the divorce. The primary purpose of alimony is to ensure that both spouses have a similar standard of living after the divorce is finalized. Thus, alimony is meant to compensate for lost income or assets due to the divorce. Therefore, alimony payments are not considered as assets in the divorce settlement, but instead are considered an expense. It is important to note that alimony typically terminates when the receiving spouse remarries or upon the death of either spouse. In Virginia, the court will look at a number of factors when determining the amount and length of alimony, including the duration of the marriage, the ages of both spouses, the amount of assets each spouse has, and the contributions of both spouses to the marriage. In addition, the court may also consider the physical and emotional health of each spouse, the ability of each spouse to obtain employment, and any misconduct of either spouse. In sum, alimony is a form of financial support that is not considered a marital asset in Virginia. This is due to the fact that it is used to compensate for lost income or assets due to the divorce. The court will consider a number of factors when determining the amount and duration of alimony payments, and the payment is typically terminated upon the remarriage of the receiving spouse or the death of either spouse.

Related FAQs

What is alimony?
Are alimony payments considered part of the marital estate?
Are alimony payments considered earnings for Social Security purposes?
Does alimony have to be paid if the recipient moves away?
Can alimony be waived in a divorce settlement?
What is a permanent alimony award?
Does alimony terminate if the payor remarries?
Are alimony payments nontaxable to the payor in all states?
How is alimony enforced?
Is alimony paid during the divorce process?

Are alimony payments considered marital assets?

Related FAQs

Related Blog Posts