Life often throws unpredictable curveballs, making it necessary to reassess certain decisions, especially when finances are involved. Alimony, also known as spousal support, is one such area that may require modification as circumstances change.
According to the Florida Department of Health, only 10% of divorces include alimony. If you are one of the people getting alimony, you may find yourself questioning whether you should adjust your alimony agreement and if you even can.
Financial instability
If either you or your former spouse faces a significant change in financial circumstances, such as job loss or medical emergencies, it may be time to reassess the alimony amount. A drastic change in financial conditions might make the current arrangement unfeasible or unfair.
Retirement
When you or your former spouse retires, this may influence the alimony agreement. A reduction in income or a shift in financial priorities due to retirement might necessitate a reevaluation of the alimony terms.
Change in marital status
If the recipient spouse enters into a new marriage or cohabitation arrangement, it might reduce the need for the same level of financial support. Such life events can impact the justification for maintaining the existing alimony.
Inflation and cost of living
Over time, the cost of living increases. If your alimony agreement does not account for these changes, you might need to reconsider the amount, especially if it no longer covers essential expenses adequately.
Alimony adjustments are not about winning or getting the upper hand. They are about ensuring fairness and meeting the genuine needs of both parties involved. If you believe your circumstances have shifted considerably since establishing your alimony agreement, it is important to understand your rights under Florida law.
