Alimony? What are the alternatives?

What you want with respect to alimony is not always a straightforward answer.

One would think that if you are receiving it you want the most $ you can get and it you are paying then you want to pay the least $ you can.

  • If you are receiving alimony you need to decide what you want, (other than more cash…)
  • If you have been married for a long time lifetime alimony may be likely but what does that mean?  If you are both 60 then it may only be until retirement or for another few years.  Would a lump sum be better if alimony is going to stop or be reduced in a few years?
  • Are you likely to re-marry? Again a lump sum would be a better strategy.
  • Would you like to go back to school?  Would a few years of higher alimony, to support you during school, and then have it drop when you get a job be a better alternative?  If the reduction is structured to be economic for your spouse it might be doable.
  • Do you have young children who need a parent at home? Is your income potential low so that covering child care is not feasible?  Alimony & child support would be geared to staying home until the children are in school full time and then adjust.
  • Are there are sufficient funds if you took a lump sum settlement so that you can buy a home and life mortgage free?  Can you earn enough to support yourself in those circumstances?
Lots to think about.  It is essential to work through these issues to make sure you negotiate the best solution.  How you present want you want can alter your chances of getting it.

Be a boy/girl scout and be prepared!!

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