The end of a marriage is always an emotional time, and no one wants to add financial issues to the situation. Many divorces include alimony, which involves one spouse making payments to another spouse regularly. These payments are at the discretion of the court and are meant to ensure equity after the end of a marriage.
South Carolina actually has four types of alimony:
- Periodic alimony: Monthly payments are made for a set period of time. The amount can be changed if necessary.
- Rehabilitative alimony: This type of alimony is made monthly or in one lump sum and is usually intended to help one spouse go to school or for training to improve career prospects. This is usually ordered by a court if one spouse has less opportunity to make money or has not been in the workforce for some time.
- Reimbursement alimony: This type of payment reimburses a spouse for support made towards another spouse during the marriage.
- Separate maintenance and support: When a marriage ends but no divorce is pursued, a court can still ask one spouse to pay this support monthly or on another schedule. The amount to be paid can be changed if circumstances change.
- Lump-sum alimony: This set amount is paid all at once or in installments and cannot be changed, even if one or both spouses find their financial situations changed.
How Alimony Is Calculated in South Carolina
In South Carolina, alimony calculations are the discretion of the court, and the courts may consider many factors before deciding on a sum, a type of alimony and a payment schedule. These include:
- The ages of the spouses and their ages when they got married
- How long the marriage lasted
- The earning potential and financial position of both parties
- The standard of living both spouses enjoyed during the marriage
- The mental and physical condition of each party
- The employment history of both parties
- Any expected changes to incomes
- The assets and property each spouse owns, including marital property and any property divided in the separation and divorce
- Any current expenses both parties face
- Any expected changes to expenses
- The current income and earnings of both parties
- Any misconduct perpetrated by either party
- Any children the parties have and the needs of those minors
- Any additional alimony either party is paying
- The tax situation of both spouses
Is Alimony Taxable in South Carolina?
In South Carolina, alimony affects taxes in most cases, which is why courts conducting alimony assessment in South Carolina consider the implications of any support payments awarded. The partner paying support can generally deduct their alimony payments from their income taxes. The alimony being received by a spouse is considered taxable. It is a form of income.
Do You Have Questions About Alimony?
If you are concerned about what may happen to your finances after your divorce, get informed. Read the Lauren Taylor Law blog to find out more about divorce, family law and alimony. If you need representation in a divorce case, you can contact us to schedule a consultation or call us at 843-790-9009 .
South Carolina divorce attorney Lauren Taylor is an authority on family law in Charleston and Greenville. Lauren Taylor Law is an authority on divorce, child support, and alimony in South Carolina. She graduated from the Charlotte School of Law, and has been practicing for several years now. Lauren Taylor relies on her experience and passion to fight for you during this stressful time. Learn more about her experience here.