Mistakes to Avoid During Alimony Negotiation | Allan Brandon Tise, PLLC, Attorney at Law
Alimony negotiation is one of the toughest parts of divorce proceedings. As the supporting spouse in alimony negotiations, you may have difficulty accepting that you must support your spouse financially, in the future, even though you are no longer married.
If you are not careful, the mental and emotional pressure of alimony negotiations may lead you to make mistakes that affect your financial future. To help you avoid jeopardizing your finances, read on to learn about four mistakes you should avoid during alimony negotiations.
1. Do Not Spend or Hide Money to Reduce Payments
Many people assume that if they spend their money, the judge will ask them to pay less alimony. This dangerous assumption can have lasting repercussions on your financial stability after divorce. The court determines what amount to pay for spousal support based on income, and need of the dependent spouse.
You may think you can hide your money if you can't spend it, but this is also a bad idea. The judge will discover that you have hidden your money, which compromises your credibility and subject you to sanctions and potential contempt of court.
2. Do Not Choose Short-Term Payments or a One-Time Deposit
Divorce can be an unpleasant experience and make you want to get it over with and cut all ties with your ex. However, if you rush your alimony payments, you often end up being the loser.
If you opt for short-term payments or a lump sum, you pay a substantial amount of money within a short time, which can put a dent in your savings. Long-term payments may cost less, and you can terminate alimony if you die, your spouse dies, your spouse cohabitates, a specific cut off date is stated, or your spouse remarries. If you had already paid a lump sum or finished your short-term payments before one of these events occurs you lose all that money.
3. Do Not Fail to Specify the Terms of Payment and Termination
Ensure you negotiate an alimony agreement that is specific on how and when you will dispense the alimony and the grounds for termination of alimony. You especially want to pay attention to the terms of termination which were stated earlier and a fifth ground for termination is stated date for end payment even if none of the other four grounds has occurred yet.
4. Do Not Fail to Consult an Outside Expert
A financial expert can be helpful during alimony negotiations whether you are the supporting spouse or the dependent spouse. He or she may prove invaluable in helping to prove need, ability to pay and hidden income just to name a few things.
Alimony negotiations are difficult to navigate when you are still dealing with the emotional aftereffects of a divorce. That is why you need to have an attorney representing your interests. At Allan Brandon Tise, we give you help to negotiate your alimony agreement favorably. Contact us today for legal representation during your divorce proceedings and alimony negotiations.
