Many divorcing spouses believe that the most important aspect of a divorce settlement is the process of asset division. They may heavily prioritize ensuring that they are awarded the family home, vacation home or car. However, in doing so, they may fail to realize that these assets could come with high maintenance costs and that acquiring these assets may negatively affect their ability to gain alimony payments.
Alimony payments are a temporary form of financial maintenance that tend to be paid by the highest-earning spouse to the spouse who has a lower income or no income. Alimony has the main purpose of helping the lesser-earning spouse to make an easier transition to single life. The following are some things that you should consider if you want to maximize the alimony that you will be set to receive.
Several factors are taken into account by the divorce courts
You should make sure that you are aware of the factors that the divorce courts will take into account when deciding how much alimony to award. They will consider the length of your marriage, your ability to earn an income, both spouses’ mental condition and their physical condition.
There are different types of alimony
Different types of alimony can have very different financial consequences. Therefore, you must consider which type of alimony will likely be most beneficial for you.
If you are going through a divorce in Tennessee, make sure that you understand how to get the best possible alimony arrangement so that you can get the best possible chance at a stable and happy post-divorce life.