In Nevada Alimony Law, there are four types of the divorce settlement.
The first type is the settlement given and duly paid to the spouse in need of support as the divorce process goes on, way before the final judgment grants. This type of divorce settlement is called “Temporary maintenance.”
This type of divorce settlement is the only type of money paid to support a spouse before divorce is entirely done.
The second type is known as “Rehabilitative settlement.” Here, the spouse in need of support is financially back by the other spouse to get training or the education required to land a job after divorce.
It came into play when the supported spouse was a full live-in partner during the marriage. It enables the spouse to become financially independent after a while after the divorce has been finalized.
The money paid via this settlement can use to pay for textbooks, journals, tests, or expenses incurred by the spouse during job searches.
The third type is known as “Temporary settlement.” It is similar to “Temporary maintenance” except for one major difference. The difference is that in the case of “Temporary maintenance,”; money is paid during the divorce process, while in “Temporary settlement,” the money is paid after the full divorce process has taken place.
The money paid in this type of divorce settlement pays for sometime after the divorce has finalized upon the directive of the presiding judge.
The final and fourth type of divorce settlement is the Permanent Settlement. Here, the spouse in need of financial support is given full backing by the paying spouse indefinitely.
The financial payments in this type of divorce settlement stop when the supported spouse remarries or if either one of the spouses passes on.
How Is The Settlement Calculated?
The law statutes concerning divorce settlement in Nevada do not specify how much should pay. All it says is that the settlement to be paid should be “just and equitable” and that divorce courts should make sure the assets are divided equally in less they are genuine, concrete reasons to share them unequally between the divorcing spouses.
The Appeal courts in Nevada themselves have differently interpreted the statutes regarding divorce cases, making the divorce law courts in a state of confusion when it comes to decisions on whether the settlement should pay or not or even the amount to pay.
A formula was put forward in 1997 by the Family Law sect of the Nevada Bar Association, which they called the “Tonopah Formula.”
This formula uses the various factors that were commonly used by deciding judges in matters of divorce. The parameters used to calculate the amount of divorce settlement to be paid were based on financial incomes, assets owned, and debts.
How Is The Amount To Be Paid Decided To Be Fair By Nevada Courts?
The Alimony statute of Nevada requires divorce courts before deciding on whether to award divorce settlements and the amount to satisfy the following factors:
- The individual financial state of each spouse
- The property of each spouse has in terms of the nature and value of the property.
- The contributions financially made by each spouse to the property owned by them during the marriage, under Nevada property laws.
- Marriage tenure
- Each spouse’s financial income and earning capabilities, health status, and age.
- The living standards during the marriage
- Educational levels attained by each spouse during the marriage
- Homemaking contributions of either spouse
- The physical and mental status of both spouses.
- Property awarded by the court to the supported spouse.