How to Get the Most Out of Your Alimony in Georgia

If you’re eligible to receive alimony in Atlanta, you should maximize the value of this support money. Alimony is for spouses who may struggle to support themselves financially after divorce, and you may face serious challenges as a single individual. With a few basic strategies, you can get the most out of your support payments and confidently face post-divorce life. An experienced Atlanta alimony attorney may be able to help you review many of these strategies.

Consider Lump-Sum Alimony 

While lump-sum alimony certainly isn’t for everyone, it can be beneficial under the right circumstances. Spouses should at least consider this possibility, especially since it might serve both parties’ best interests. As the name implies, lump-sum alimony occurs in a single payment. This could be preferable to periodic alimony for various reasons.

First, spouses might be able to invest their lump-sum alimony more effectively. An obvious example is the purchase of a new home, as lump-sum alimony could cover the down payment on this investment. Spouses might also want to invest in assets that generate passive income, such as high-interest accounts, dividend-paying stocks, bonds, or treasuries. Smaller, periodic sums cannot generate the same kinds of returns.

Spouses might also appreciate the finality of lump-sum alimony. Periodic payments create a lasting connection between you and your ex. This might not be preferable, especially after a bitter divorce.

Create a Plan for Your Alimony 

Whether you prefer periodic or lump-sum alimony, it always makes sense to create a clear financial plan before receiving this money. Some spouses cannot receive alimony until they create these plans. For example, rehabilitative alimony requires you to create a plan for financial independence. Often, this involves using your alimony payments to earn new credentials or degrees in preparation for new careers. This type of alimony ends when you achieve those goals.

Even if you do not receive rehabilitative alimony, however, you should still create some kind of plan or budget for the future. Remember, most alimony eventually comes to an end in Georgia. The goal is to achieve financial independence before this occurs.

Determine Whether You Can Increase Alimony 

Either during or after divorce, you may have the opportunity to increase your alimony. For example, you might be entitled to receive higher sums if you have some kind of health issue that affects your earning capacity. Speak with a lawyer to determine whether you might be eligible to receive more alimony than you realize.

Can a Family Law Attorney Help Me Maximize My Alimony in Atlanta? 

With the right approach, you can use alimony to set the foundation for a future of financial stability. Even if you’re not used to handling money or budgeting, there’s no need to feel daunted by the road ahead. You’re not alone on this journey, and an experienced alimony lawyer in Atlanta can guide you through every aspect of your divorce. Get started with an action plan by contacting Buckhead Family Law today.

Source: 

womenslaw.org/laws/ga/statutes/19-6-1-alimony-defined-permanent-and-temporary