Alimony is one of the most controversial subjects in a divorce. Most men don't mind financially supporting their wives when they're married, but men get outraged by having to financially support an ex-wife.
Why does the court grant alimony? Generally to correct what the court perceives as a financial imbalance. Will you be subject to alimony?
If you make significantly more income than her and have been married for several years, you'll likely be on the hook for some alimony. How much alimony and how long you'll pay it depends on your approach and strategy. There are always things men can do to reduce or even eliminate alimony.
Many men think alimony is just a monthly payment. The "one-time" lump sum payment also is another option. Assets such as savings, real estate, 401K plans, and pensions also fall under the umbrella of alimony.
It's important to know that the subjects of alimony and division of assets are often linked. Sometimes it's better to "pay her off" rather than pay her monthly for years.
1. Monthly payments
2. One time Lump sum payment
Which is method is best? That depends on your situation. The point is to know your options and purse the path that's best for you. Every situation is unique.
Don't make the mistake of not knowing the available options. Get the facts and create a winning strategy. With a good strategy, it's possible to negotiate your alimony down to zero!
Monthly alimony payments are tax deductible to the person who pays them, and included in the taxable income of the person who receives them. There may be some tax advantages to using alimony, even if a judge wouldn't ordinarily award it.
Men should get creative and negotiate alimony as part of the overall divorce settlement.
Unlike child support, alimony is not regulated by law and is purely up to the parties to negotiate a deal. Failure to reach deal will result in a judge deciding alimony for you.
Once that happens, your ability to negotiate a fair deal is gone; you're at the mercy of the judge. Have a plan to prevent this from happening to you.
To discover how to effectively deal with alimony and how to lower or even eliminate it, we suggest you take a look at Matt O'Connell's best selling guide, "No BS Divorce Strategies for Men."