Spousal maintenance is a term that has replaced the term “alimony”. Spousal maintenance is awarded to either spouse if certain legal standards are met. Spousal maintenance awards may be permanent and could continue until the death or remarriage of the recipient spouse. Spousal maintenance may also be paid for a specific period of time bu then terminates at the end of that time unless terminated earlier by death or remarriage of the recipient spouse or court order. Spousal maintenance is modifiable during the period it is awarded unless the parties agree otherwise. If the parties agree that spousal maintenance is non-modifiable, then the duration of time and the amount of spousal maintenance cannot change.
It is generally a good idea for the recipient spouse to have his/her spousal maintenance award “secured” by a life and/or disability insurance policy on the life of the payor spouse which is sufficient to replace the spousal maintenance amount in the event of a tragedy in the life of the payor spouse.
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