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Buzz Aldrin sells condo as part of divorce involving alimony

Many people go through divorces every year in Arizona. Each divorce is different though. While there may be similarities between them, they are very fact specific and depend on the unique circumstances of each case. Some involve children, and therefore child custody and child support are issues. Others involve many assets which must be divided and require the use of various professionals simply to put a value on the assets. Others involve alimony. A combination of any of these may be involved in any given divorce.

Former astronaut Buzz Aldrin found this out as he finalized a divorce involving alimony and the division of numerous assets. He recently sold a condo in Los Angeles as a result of the divorce for $2.86 million. His former spouse was granted 50 percent of all his profits from businesses, stocks and other assets. In addition to giving his former spouse 50 percent of the profits, he is paying her $9,500 in alimony each month. However, alimony is topped at 30 percent of his income each year.

Alimony, or spousal maintenance, as it is sometimes called, can be a tricky determination. The amount and duration does not involve a calculator like child support, but instead is determined by weighing a number of factors. These factors include, but are not limited to: the duration of the marriage and the standard of living the couple enjoyed, the paying spouse's ability to pay, the receiving spouse's employment history and any time they need to gain education or employment training, the age of the parties and the financial resources of both spouses.

Couples can allow a judge to weigh these factors and determine the amount and duration of alimony, or they can come to agreement on the issue. There are various resources available to divorcing couples, such as mediation, where they can attempt to settle the issues themselves in lieu of having a judge decide for them.

Many divorces in Arizona involve one spouse paying alimony to the other. The amount and duration vary greatly from divorce to divorce depending on the circumstances. Understanding the legal factors used to determine alimony can be very beneficial to help ensure a fair determination.

Source: Realty Today, "Astronaut Buzz Aldrin sells Los Angeles condo for $2.86 million" Rapti Gupta, June 27, 2014

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