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How do you maintain control of alimony payments?

| Feb 16, 2021 | Alimony |

Because you have several assets and a high income, you want to protect your finances during your divorce. While you may not avoid alimony, can you control how much you owe your soon-to-be ex-spouse?

Forbes offers tips for making alimony work in your favor. You may have no choice but to pay alimony, but that does not mean you do not have a say in how much you pay.

Time your divorce carefully

If you project a lucrative year ahead or a nonrecurring windfall, file for divorce sooner rather than later. That way, the courts conduct their financial evaluation to determine how much you pay in alimony before your financial influx hits your bank account. If you anticipate earning less in the coming years, consider waiting to file, so the court includes your lower-earning years with your alimony average.

Give more in assets

Create an alimony agreement that relies more on assets than income if you want to protect your future earnings. By offering your current spouse a generous percentage of assets in the divorce agreement, you could reduce how much you pay in alimony. Know that you cannot modify asset allocation in your divorce agreement the way you can with alimony payments.

Add a modification provision

Include a provision in your alimony agreement that stipulates you have the right to modify your support obligation according to a specific income percentage. That way, if your income drops below a specific percent, you reserve the right to modify your alimony agreement to a more manageable amount. Even then, your spouse may request the same provision if your income increases above a specific percent.

Use the proper resources to make your support agreement more favorable. You have more control than you may realize.