How To Avoid Alimony Payments
The divorce rate is declining and from the year 2008 to 2016 the divorce rate fell by 18%. In the 1980s the divorce rate was about 50% but now that rate is about 36%. However, as women’s salaries increase, they’re having to pay more alimony payments than ever before. According to the Pew Research Center, women are the primary breadwinner in four out of ten married couples. If you want to avoid the common pitfalls in a divorce and ethically avoid alimony payments, then here a few suggestions that could help.
Common Alimony Mistakes To Avoid
Buyouts and Lumpsum Agreements
Most couples can’t wait to get away from one another and for that reason, could be tempted to pay out their alimony payments in one large lump sum. Paying smaller amounts over an extended amount of time may reduce the total amount you have to pay. If your former spouse acquires a new income source, cohabitates with someone, or gets married again, then you may no longer be responsible for providing alimony payments for them.
Allowing A Bad Marriage To Drag On
One of the determining factors in alimony payments is the length of the marriage. If you feel that your marriage is crumbling beneath you, then it may in your wallet’s best interest to end the marriage sooner rather than later. Staying in a bad marriage will create more emotional and financial turmoil.
Giving Away Custody of Your Children
If you have joint custody or sole custody of your children, then the state could rule in your favor. The costs associated with taking care of your children may eliminate your ability to make alimony payments.
Spending Your Money To Reduce Your Payments
It’s not in your best interest to increase your spending to reduce your alimony payments because the amount you have to pay will be based on your income, not your assets. If you try to spend your money, or hide your money, and are found out, then it will harm your credibility and negatively affect you in court.
Not Being Specific About Termination
Alimony payment agreements are contracts and it’s important to specifically outline the causes of determination for payments. It is essential not to be vague and specify that cohabitating with others, a new marriage, or financial support could be grounds for modifying or terminating the alimony agreement.
Not Signing a Prenuptial or Postnuptial Agreements
Prenuptial Agreements can help many divorcees avoid alimony disputes because they determine what assets are brought into the marriage and what property belongs to whom. Postnuptial Agreements can be made after the marriage has already begun as well. These agreements can also eliminate the possibility of alimony payments altogether.
Not Getting Expert Assistance
Attorneys, accountants, and vocational rehabilitationists can help reduce or eliminate alimony payments. Attorneys can help you draft a prenuptial or postnuptial agreement, and litigate your divorce and alimony hearings. Learn more about how an Ogden Divorce Attorney can help you navigate your divorce. Accountants can help you with tax code and determine the financial amounts to maintain your family’s quality of life. A vocational rehabilitationist can support your former spouse in re-entering the workforce or developing the skills to do so. Alimony procedures can be damaging but speaking with an expert can help you avoid alimony payments altogether.