Determining the Right Amount of Alimony
Many couples going through a divorce understand that some amount of spousal maintenance or alimony is necessary, but they often don't know how much or for how long it should be paid. Most attorneys will rely on your budget figures, but in my experience, these numbers are rarely accurate. Attorneys are also incentivized to get the best deal for their clients, so if you are the one paying alimony, they will argue for the lowest possible amount. Conversely, if you are the one receiving alimony, they will push for the highest possible amount. Fortunately, there is a better way to approach this issue!
I am a big supporter of negotiated settlements, whether or not attorneys are involved. But how do you find the right amount for alimony? Here's how a Certified Divorce Financial Analyst® can help. We create a comprehensive financial projection for each party, looking 20 years into the future. This includes all expenses, income, assets, and liabilities. Essentially, we develop a full financial plan for each person based on the settlement agreement they are considering.
When you have this detailed financial information in front of you, finding a fair and balanced alimony amount becomes much easier. Our goal is to ensure that both parties can transition into the next phase of their lives with confidence, knowing they will have the financial stability they envision for their futures.
Give us a call. We are here to help.
This information is not intended to be a substitute for seeking legal advice from an attorney. For legal or tax advice please seek the services of a qualified attorney and/or qualified tax professional.