If you are thinking about ending your marriage, you may have some concern over your financial future. While Tennessee law entitles you to an equitable share of the marital estate, you may also be eligible for alimony, sometimes called spousal support.
Judges in the Volunteer State routinely grant alimony when one spouse needs support and the other has the financial ability to pay. In Tennessee, four types of alimony are possible.
1. Rehabilitative alimony
Your soon-to-be ex-spouse may have a greater earning capacity than you do. To help you catch up, a judge may order rehabilitative alimony. This type of spousal support gives you funds for going to school, participating in job training or acquiring employment skills.
2. Periodic alimony
Despite your best efforts, you simply may not be able to support yourself financially. Consequently, a judge may award you periodic alimony. This type of spousal support may be permanent or for a fixed time. Alternatively, it may end when a certain event, such as your remarriage, occurs.
3. Lump-sum alimony
If you are eligible for spousal support, you may not want to receive monthly payments. Fortunately, a judge may order your spouse to make a lump-sum disbursement. If this happens, you receive all your alimony at once.
4. Transitional alimony
Even though you may never earn as much as your spouse, you may need some time to adjust to a more cost-effective standard of living. A judge may ask your husband or wife to pay transitional alimony during this time.
While transitional alimony is usually only for a short duration, it may improve your post-divorce finances considerably. Still, if you qualify for another type of alimony, you may receive significantly more.