An unexpected event, such as death or disability, may leave your spouse unable to make alimony payments required by the divorce settlement. (That said, there are some circumstances that make court a better forum for presenting what qualifies you for alimony look to your lawyer for advice on this.)Īlso, lock in your alimony payments. I typically advise my clients to seek mediation, which can be less expensive, faster and less emotionally draining than going through the court. There are several options available for ending a marriage, including uncontested divorce, mediation, or legal court proceedings. This is where the financial story will unfold. Your reasoning and insight are needed to convince a judge or your spouse of your need for financial support.Īn important consideration early on in a divorce is the method you and your spouse will use to end the marriage. Doing so can help you develop a compelling rationale to share during the divorce process. If you plan to request alimony as part of your divorce agreement, you'll want to start with a clear picture of your current and future financial circumstances. One tangible way to do this is to create a post-divorce budget. That’s not to say that having children guarantees that one member of a divorcing pair will get alimony.Īs part of the negotiation, it's important to consider your financial needs and expectations for your next phase. It's a different issue from child support, which is negotiated separately in the divorce process. There aren't federal or state regulations stating how long someone has to be married to receive alimony, or how long it has to be paid, but some experts suggest using 10 years as a rough dividing line when thinking about spousal support.Ĭhildren only impact alimony with regard to whether or not one person chose to stay home with them or changed his or her career to accommodate childcare. Typically, the longer the marriage, the more likely it is that one spouse has focused more on professional advancement, leading to higher pay, while the other has taken on the primary responsibility of taking care of the family or home. How long does alimony last? The payments are negotiated as part of the divorce process. While a marriage's length doesn't technically matter when it comes to alimony, also called "spousal support," it can have a considerable impact on whether or not it's awarded. How long do you have to pay alimony? (Alternatively, how long will you receive alimony?) Whether you're considering divorce, going through the process right now, or rebuilding your life, here are strategies and resources that can help. When you're in control of your finances, you're in control of your future. Make sure to check out my blog and subscribe to my monthly newsletter.Having a firm understanding of finances in divorce can be difficult, but it's important. In addition to divorce-related services, I provide financial planning and investment management as an investment advisor representative with Coastwise Capital Group. Whether you are contemplating divorce or in the thick of it, request a phone consultation to learn how I can help you make smart financial decisions. I am an expert on addressing restricted stock units and stock options in divorce. I have worked on over 350 California divorce cases, educating men and women on the future impacts of proposed property division and support agreements, and empowering them to make smart financial decisions. I am Laurie Itkin, a certified divorce financial analyst (also known as a CDFA) and author of the Amazon best seller, Every Woman Should Know Her Options. As you negotiate a settlement through mediation or litigation, what may seem like a fair division of assets may result in an unfair situation in the future. Divorce May Be the Largest Financial Event in Your Life Divorcing without a certified divorce financial analyst by your side sets you up for unwanted financial surprises in the future.
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