Spousal Support Simplified: What You Should Know When Creating Your Prenup or Cohabitation Agreement

Spousal support, also sometimes called alimony, is a critical aspect of many prenups and cohabitation agreements, especially for couples with significant differences in income or where one partner is financially dependent on the other. Understanding how spousal support works and what factors are important in deciding what kind of support is appropriate can help you negotiate fair and reasonable terms in your agreement. In this blog post, we’ll simplify the concept of spousal support and explore what you should know when creating your relationship agreement.

1. What is Spousal Support?

Spousal support is a financial obligation that one spouse may have to the other following separation or divorce. Its purpose is to address economic disparities resulting from the end of the relationship, such as differences in income, earning capacity, and financial needs. Spousal support can be temporary or long-term, depending on the circumstances of your family.

2. Factors Influencing Spousal Support:

Several factors may influence the amount and duration of spousal support, including:

• Length of the marriage or cohabitation: Longer relationships may warrant higher spousal support payments.
• Income and earning capacity: Disparities in income or earning potential between spouses may impact the amount of support awarded.
• Financial needs and obligations: The financial needs and obligations of each spouse, including child support payments and living expenses, are considered in determining spousal support.
• Contributions to the relationship: The contributions of each spouse to the relationship, both financial and non-financial (taking care of the home and children, for example), are taken into account.
  
  

3. Structure of Spousal Support Payments:

There are different types of spousal support arrangements that may be included in your relationship agreement.  For example:

• Monthly payments: A set amount of support paid monthly for a specified duration.
• Lump-sum payment: A one-time payment of spousal support, usually paid instead of ongoing monthly payments.
• Reviewable support: Support payments that may be reviewed and adjusted periodically based on changes in circumstances, such as income or employment status.
  
  

4. Negotiating Spousal Support in Your Agreement:

When creating your relationship agreement, it’s essential to consider spousal support carefully and negotiate terms that are fair and equitable for both parties. You may wish to include provisions for spousal support in your agreement, outlining the amount, duration, and terms of payment based on your individual circumstances and needs.

Creating Your Prenup or Cohabitation Agreement with Jointly:

At Jointly, we understand the complexities of spousal support and are here to help you navigate the process with confidence. Our platform guides you through the entire process of creating a customized relationship agreement, including provisions for spousal support, ensuring that your agreement reflects what makes sense for your family.

Don’t let uncertainty about spousal support stand in the way of creating a secure future for yourself and your partner. Take control of your future with Jointly.  Click here to get started.