If you are getting a divorce, you may have concerns about whether you will pay or receive alimony. Spousal support is a stressful issue, and you may be wondering how you will get a fair deal. Whether these payments will be necessary and in what amounts will be based on calculations and negotiations.
Alimony may be necessary to help one of you maintain financial stability after the divorce. Here are some guidelines for negotiating an equitable alimony agreement.
1. Understand your income
This may sound simple, but it may actually be quite complex. Your income may come in various shapes and sizes. Figure out your monthly and annual income. In order to accurately determine alimony payments, you will also need to consider any businesses, stock options and employee benefits.
2. Keep an eye on the future
Make sure your spousal support settlement is viable for the long term. While you may be able to modify it later if necessary, it is easier to try and get it right the first time. Some factors you need to consider include future work, retirement situations, potential health issues, changes in standard of living and fluctuations in inflation. Anticipate all of these issues when discussing alimony.
3. Know your expenses
Another crucial aspect of establishing alimony is understanding your personal expenses following your divorce. You can calculate an estimate by looking at your marital expenses and figuring out how much will change. Living on a single income after divorcing is challenging, so be sure to take all aspects of that into account. Some expenses you should estimate include the following:
- Home or auto repairs
- Insurance premiums
- Medical expenses
- Pet care
Be ready to justify your expenses and prove they are reasonable.
Alimony negotiations are often prone to contentious arguments and bitterness. But if you prepare yourself by following these tips, you can handle the discussions more effectively.