The ending of marriage or separation is not an end. Yes, the termination or alteration of a relationship pilots a fresh start.
New home, new responsibility, and new obligations when it’s all about the law. On top of all, there’s financial support. And, figuring out money matters.
In that case, Alimony Alberta calculator is one of the tools you must know about if you are from Calgary or Edmonton and just separated.
So let’s know-how Alimony is calculated in Alberta.
How is Alimony Calculated in Alberta?
First of all, there is no chance to misunderstand Alimony with child support. They are poles apart and given for the betterment of the spouse and the child, respectively.
Nevertheless, the law prohibits avoiding the duty, and better to know how much one has to pay and based on what.
Factors that affect alimony calculation in Alberta
- Incomes and financial needs of the spouses
- If there is an order from the court or agreements between the spouses regarding Alimony
- The duration of the marriage
- Contributions of the spouses during the married life
- Impact of the roles played by a spouse on their financial situation
- The concerns for the children
- Support to the alimony receiver to be self-sufficient
It is to be noted that attending court is not compulsory for Alimony. They can sit together and agree on the amount and the guidelines in the agreement. A separation agreement will consist of all these figures and grounds.
Need for spousal support and adjustments
The difference between the income and living expenses of the alimony provider is co-related to the alimony amount. The actual monthly expenses figure can be available in individuals’ bank statements.
There are some matters to exclude from the consideration as extravagant expenses like buying jewelry or buying an expensive holiday package. It is possible that issues like inflation hit or there’s a change in the status of the spouse.
So, these matters point to or adjust the Alimony.
There are 3 separate spousal supports- Contractual Support, Compensatory Support, and Non-compensatory Support.
Did you know having or not having children is interconnected with your spousal support?
Having no child indicates there will be a range in the alimony amount.
To determine the amount, find the difference between the two parties’ gross income. The result would be multiplied by .015 and then again with the number of years of their married life together.
For a high-end amount, the difference of the two parties’ gross income will be multiplied by .02 and further with their married life. This is the high-end amount.
If there is any child of the couple-
The amount will be a little complicated to determine. Often the couples need to contact a lawyer, which would be the best step to take. The type of child custody will also be under consideration while calculating the amount.
You might know that there are several types of custody, such as shared or split custody. Net disposable incomes, tax deduction, expenses like child care, etc., are the elements to determine Alimony in this case.
How long can a spouse receive spousal support?
The spousal support’s duration depends on the duration of their relationship. In terms of the time limit, there are 2 kinds of relationships-short-term relationships and long-term relationships.
A short-term relationship is less than 20 years, and the spousal support lengths 0.5 to 1.0 times the relationship year.
A long-term relationship is more than 20 years long. In this case, the Alimony is for an indefinite term. The term is also reviewable upon occurring events like remarrying.
When does spousal support end?
- If the recipient dies
- When the person receiving spousal support marries
- At the retirement of the payor (that’s not automatic)
- When the payor dies, it may not end if there is any life insurance that can carry on providing the support
If how is Alimony calculated in Alberta is a new topic for you, we would suggest not sticking with the basic idea. It’s true, especially if you’re standing in the wake of separation.
Breaking up a married relationship or keeping a distance was never an easy step. But, life must go on and pass through comfort and serenity.
When it’s time to stand and face the ultimate truth, the best to do is to know how things work. So, don’t delay. Talk to your lawyer today.