Divorce can be an emotional and trying time for those involved in it. It can be hard to navigate its effects and everything that must be handled. Financials can become stressful, especially if spousal support is requested. Here are some tips for how to handle spousal support and be prepared to negotiate but also be financially prepared if it’s put in your hands.
What is Spousal Support?
Spousal support is a legal obligation for one person to aid in providing financial support to the other. It can be requested before, during, or after the legal process of divorce. It can cause some contention and conflict between the two partners filing and also their children, if not handled in the proper manner. If your spouse is requesting financial support and you do not agree, you can negotiate a settlement.
Tips on Negotiating
Have an Open Discussion
Nothing is going to get resolved if both parties are not willing to have an open discussion. Be able to express your feelings and perspectives, but actively listen to them as well. It can help each person feel seen and heard and be able to work out the money situation. If you need a third party to mediate the discussion, think about meeting with a counselor.
Know How the Support is Calculated
There are multiple factors that go into who should pay spousal support and how much. The main calculations are based on income and living expenses for each person. The length of the marriage, age, health, and custody can also come into play for which party should pay the support. You can also meet with a professional attorney and they can help you figure out all of these financials.
Work Towards a Common Goal or Solution
By discussing and deciding on an end goal, it can help simplify the process and make clear what actions you’ll both need to take. If the common goal is that your kids are going to be taken care of, instead of constantly arguing about who should pay what, find out how your kids will receive the best care and that will provide the best solution. Try to work together instead of letting things slip through the cracks.
How to Be Financially Prepared
If you have been given the obligation to pay support at the end of the divorce, here are some things that can prepare you for it.
Budget
Budgeting is important in all aspects of life to ensure you are making enough income to support yourself, your family, and all of the living expenses incurred. Make a budget of your income and the new expenses you will need to pay. Figure out what you may need to change and allocate more money in certain places. It may also help to pay in set payments instead of all at once.
Save
Save your money any chance you get. Whether for this reason or not, it will eliminate unnecessary stress if you are given the responsibility of support.
Conclusion
A divorce can be an emotional roller coaster, and adding financial hardship can only make things worse. You can determine the best course of action and remain ready for it with the help of these ideas.