Alimony is one of the most challenging processes associated with divorce. When two people decide to end their marriage, the last thing on their minds is figuring out how to give money to one another once they are no longer together. If you’re a New Jersey resident, here are some things you should know about negotiating your alimony agreement to make this process as efficient as possible.
Be aware of your finances
It is important to be familiar with your finances when you’re establishing an alimony agreement. You should know the cost associated with your lifestyle which includes what you can live without and which items or services you need. When you’re aware of what you can afford, it is easier to negotiate an alimony settlement that is manageable for you.
Know the law
When it comes to establishing an alimony settlement, you should take time to learn state laws pertaining to alimony payments. There are several types of alimony and it’s up to you to do the research to determine what you can request in your state to build your case and properly manage your expectations for payment. If you’re expecting payments for the rest of your life, you should be aware that you’ll likely receive payments for half of the length of your marriage.
Create a budget
When you’re getting a divorce, you’ll have to budget for attorney fees and retainers, so you should be sure that you have the funds to make your payments on time. Figure out a budget that works for you when you’re trying to determine how much you owe in alimony to prevent problems in the future. Just like you budget for the other important events in your life, you’ll also have to utilize this principle in divorce since the process is expensive and late payments can lead to more legal issues.