Finding out that you are going to have to pay alimony is tough, especially when you are adjusting to life on a new budget based only on your income. There are many factors that the court considers when it is trying to determine how much these financial support payments will be. One of these is your ability to pay.
You must ensure that you are being fully honest about your financial state when you are filling out the disclosures for your divorce. This allows that court to have an accurate account of what’s going on with you.
One consideration that you have during this stage of life is that you will likely have the bills from the divorce added to your normal expenses. This can vary greatly so be sure to add in the amount you expect to pay. It might behoove you to add in a little extra for divorce costs just in case something is more expensive than you originally thought. For example, you might need a forensic accountant added to the divorce team, which can increase the cost of the process.
You also need to factor in the cost of children if you have them. You might have to pay child support, which is likely going to come straight out of your paycheck through a garnishment or allotment. Even though you won’t see the money, you should still set your budget with it included so you can accurately gauge the amount of money you will have available.
If the court does order alimony in your case, review the terms carefully. Once you get home, set these payments in your budget and move on from there.