Aside from child custody, couples often find alimony one of the challenging aspects of divorce. When a couple decides to end their marriage, the involved parties may not be too enthusiastic about having to “pay” each other. However, if you’re involved in a Texas divorce, the issue of alimony will likely come up, so it’s important to be informed so you’ll know what to expect.
Be aware of your finances
When you’re entering alimony negotiations, you should be very clear on how much it will take for your to maintain your standard of living. Go over your budget and determine what your necessities are and how much you can spend on leisure activities or items. When you know what you can afford, you’ll be better equipped to negotiate and you’ll understand the adjustments you’ll have to make to your budget. If you are unemployed or underemployed, it may be time to think about your earning capacity so that you can become more financially independent in the future.
Create a divorce budget
When you’re getting a divorce, you’ll have to set aside money for attorney fees and retainers, so you should make sure you’ve arranged to make these payments in a timely fashion. You’ll also have to figure out your budget during and after the divorce which will likely include alimony, whether you are making or receiving the payments. Establishing a budget based on the costs associated with your divorce will reduce the chances of financial surprises which can help the process along.
Be sure to become familiar with state laws pertaining to alimony. Find out which type of alimony is best for you and your financial situation so you’ll know what you can expect to pay or receive.