Divorce With Respect

3 ways to get the most out of your spousal support

On Behalf of | Jan 24, 2021 | English, Family Law |

Spousal support, sometimes called alimony, typically levels the playing field for divorcing spouses. While it is not always available, spousal support ensures both individuals can support themselves after their marriage ends. 

If you are eligible for spousal support, you undoubtedly want to use the money you receive wisely. Three targeted strategies may help you achieve this goal. 

1- Improve yourself

Your divorce may have been a challenging and stressful time. Now that you are receiving spousal support, you may want to splurge on some luxury items or experiences. While there is usually nothing inherently wrong with this approach, you may also want to consider improving yourself.

If you use your spousal support to pursue an education, start a business or otherwise invest in yourself, you are likely to enhance your financial future.

2- Save some funds

Your post-divorce life may not be as expensive as you thought. If you have some money left at the end of the month, you may want to think about saving it. Investing in stocks, bonds or mutual funds may also be a good idea.

3- Recognize reality

Spousal support rarely lasts forever. Consequently, you should be certain you are in a decent financial position when the support ends. To check, add up your monthly expenses and adjust them upward by 3% to account for increases in the cost of living.

Then, compare your expected expenditures to your finances without spousal support. This should give you a realistic idea of your post-alimony financial situation. If you cannot make ends meet, it may be time to rework your spending or take other measures.