Nobody wants to go through a divorce, but if you find yourself in this position you shouldn't hesitate to look toward the future. In many ways, this means focusing on your finances.
What steps can you take today to ensure that you're in good financial standing in the months to come?
As the divorce process moves forward, you may have to deal with details associated with child custody and alimony.
You could find yourself on either side of these payments. There are people who receive child support and/or alimony. There are also people who are required by the court to make payments to their former spouse.
Unlike child support in which there are monetary guidelines that outline how much is to be paid, the same doesn't hold true with alimony. Instead, the court makes its decision based on the following factors:
-- The age, financial condition, physical well being, and mental well being of both partners.
-- The length of time it would take the person to receive the training or education necessary to provide for him or herself.
-- The length of time that the couple was married.
-- The standard of living while the couple was married.
-- The ability of the payer to provide support for the other party as well as him or herself.
As you move into the first phase of the divorce process, make sure you understand your situation as it pertains to alimony. If you think you're due money, if you think you may be required to pay spousal support, it's imperative to understand how the court works as well as your legal rights.
Source: FindLaw, "Spousal Support (Alimony) Basics," accessed Dec. 08, 2016