When it comes to alimony, our attorneys typically see recipients in Georgia approach these funds in one or two main ways. The first way involves holding on to that money as if it were a lifeline. They are terrified of using spousal support in case they need it for something major down the line. The second way involves spending the funds for outrageous purchases as if recipients just received a significant inheritance from a relative.
Both of these ways are improper. Not spending a single cent of spousal support is pointless and goes against the reasons why alimony came to exist. The second way is a complete waste of money and may leave you in serious financial distress at some point in the future.
The key is to find a balanced way to use spousal support to improve your immediate circumstances and to secure your future. The following list contains suggestions for spending spousal support wisely.
- Legal fees: Using a portion of alimony to pay down any legal fees incurred during divorce is a smart way to use your support payments.
- Insurance: Using spousal support funds to replace the insurance coverage you may have lost in your divorce is wise.
- Education: Now that you are single, alimony provides you with a wonderful opportunity to advance your situation through education. This can go a very long way in providing you with a stable and secure future.
- Housing: Whether you wish to use your alimony to rent a nicer home or take on a mortgage, either is a wise use of the money as long as your entire financial circumstance can support this decision.
Obviously, it is much better to consider all of your options before spending your spousal support carelessly. We recommend discussing these options in-depth with your lawyer. You may also learn more by continuing to explore our firm’s Atlanta based website.