You’re ready to start a life with someone – officially. But you’re not actually making the leap, even though you want to. You have one financial fear: what happens to your standard of living if you lose the alimony payments from your previous marriage? Alimony usually stops once the recipient marries again, and under the new 2023 law for alimony in Florida, the payor of alimony can even petition for modifications to the payment amount if you cohabitate.
Moving forward with a new spouse doesn’t mean you have to live in financial fear. What if you could proceed with your wedding, knowing that your security won’t be affected?
Meet your new best friend, “replacement alimony.”
If you never heard of this term, that’s because JustPrenups uses this label for a specific situation, as loosely described above. Ifyou were previously married and have been receiving durational alimony, those payments will likely stop once you remarry in a legally recognized ceremony (i.e., not a social ceremony to celebrate commitment). *
Durational alimony refers to long-term spousal support, not to temporary alimony.The payor ex-spouse can stop payment effective the date of the new marriage for the payee ex-spouse in most situations, excluding situations in which property has been substituted foralimony payments.
But what if that alimony payment is heavily relied upon for health needs, schooling, or other standard-of-living issues? Should alimony payees simply hope for the financial best with their own career future and/or with the new spouse’s ability to provide support? No.
Love does not conquer all. The prospect of financial hardship following a divorce is statistically likely, and if you are currently reliant upon income received through alimony, consider the risks. Would you drive a car without insurance and merely hope for the best? Of course not. You would do the most sensible thing: you would buy insurance.
When it comes to losing alimony via a new marriage, you should do the same: prepare a prenuptial agreement in which the partner agrees to terms that replace the alimony payments so that the alimony payee spouse does not experience material losses or a change in living standards. The prenup can articulate protections for time spent in the new marriage and list future alimony terms if the new marriage should end in divorce.
Prenups act as an insurance policy so that a new chapter in life doesn’t have to involve fear or anxiety over one’s financial future. At JustPrenups, we have labeled this type of protection as “replacement alimony” for the sake of ease in discussing specific provisions in your draft; the term is not in a statute.
Governor De Sant is recently signed a measure (SB 1416) that changes some aspects of Florida alimony. The most striking change is the removal of permanent alimony, which seeks to create greater balance of fairness for both ex-spouses. To that end, alimony payors have the right under the modifications to petition the court when they want to retire so that they can make decreased or no alimony payments.
Warning: All posts on this website contain general information about legal matters for broad educational purposes only. This information is not legal advice and should not be treated as such. This blog post does not create any attorney-client or mediator-client relationship between the reader and JustPrenups.com.
*A heads-up to those who receive alimony and decide to cohabitate with a new partner: the ex-spouse payor may petition the court to end or to reduce alimony payments as a result of the payee’s cohabitation.