If you are going through a divorce and are the primary breadwinner for the family, you are more than likely going to end up paying your spouse alimony. Alimony payments are made to ensure that the spouse who doesn't make as much or doesn't work is still able to take care of themselves after the divorce. Alimony payments are more typical when there is a big difference between the income that each spouse brings in and are more common in longer marriages than shorter marriages.
When it is time to figure out alimony with your spouse, you want to make sure you avoid making any mistakes, as alimony is not just part of your divorce, it will impact your financial life as well.
Mistake #1: Not Consulting with a Professional
When it comes to figuring out alimony payments, you and your attorney should bring in other professionals to help with this task. Don't just wing figuring out the alimony payments; get a professional to help determine what they should be.
Mistake #2: Don't Spend All Your Money
Don't go out and go on a big spending spree in an attempt to reduce what you will have to pay in alimony. Ultimately, you are only hurting yourself. It is your income that matters when figuring out alimony, not how much money you have in your savings accounts. Spending all your money that you have saved up will just leave you without any liquid cash, it will not leave your spouse without alimony.
Mistake #3: Going Big with the Payments
Many people want to pay alimony payments for the shortest period of time possible; however, that tactic tends to backfire. Clients who want to pay for a short amount of time usually end up having to make much higher payments during that time period. Paying a lump sum to just be done with the alimony process is generally never a smart idea either.
It is often better to make a smaller payment over a longer period of time. That way, you are not experiencing such a financial hit upfront. Additionally, there is a bigger chance that the alimony payments will eventually be terminated due to termination grounds, such as the other spouse getting married or getting outside financial support of a certain amount.
If you are going through a divorce, and are looking at paying alimony, work with an accountant to determine what you should be paying. Don't spend all your money; its more about your income than your liquid cash when it comes to paying alimony. Finally, it often pays off to make smaller payments over a longer period of time instead of making a big lump sum payments or large payments for a shorter period of time. Prepare for the alimony discussion so you can get into a smart financial situation. Work with an office like the Law Office Of Leonard Ernest Kerr to find the right alimony solution for yourself.