Tips For Deciding On Alimony Payments

You may have thought that the court will decide many matters revolving a divorce, but you actually have a lot of control if you can work with your current spouse on some key details. One thing that you can work out in mediation are any alimony payments that should be made after a divorce. Here are some tips that will help you negotiate these payments and come to an appropriate agreement between the two of you.

Look At The New Financial Situation

It is important to look at each person's financial situation after the divorce. The person paying alimony will still need money for their own expenses, and the person receiving alimony will need the payments for financial assistance. 

Start by looking at each person's personal income and what they can expect to receive after paying taxes. Keep in mind that a divorce will put you into a new tax bracket when filing as single, which means more or fewer taxes may be taken out of each person's paycheck. Next, look at the projected budgets of how much it will cost to live alone. This will give you an idea of how much the person paying alimony can really afford to give, and how much the person receiving alimony needs.

You should also consider future income for each person and if they will continue to need alimony in the near future. For example, being expected to receive a promotion can play a factor. Having a college education can also play a role in future employment and where their salary is expected to be.

Consider Bargaining With Assets

One thing to consider is that you can bargain with other assets when you determine how much is appropriate for alimony. For instance, if the person receiving alimony is also keeping the house, then they can definitely play a role in how much is given in alimony payments. The person giving alimony will be responsible for paying for their new housing situation, and that should play a factor in how much alimony they should pay or if they should pay at all.

It can be difficult to negotiate such a serious topic like alimony all on your own. Be sure to work with a family lawyer that can see all sides of the situation and help you come to a decision. Their goal will be to prevent this decision from being made by a judge in court.