In divorce, as in life, rarely do you get to have it all. Parties must make multiple difficult decisions throughout the separation process. For many spouses, one of the most confounding ultimatums they are faced with is alimony or property.
Dependent spouses are generally entitled to continued financial support post-divorce known as “alimony.” Fighting for generous alimony payments, however, may come at a cost – retaining a smaller share of marital property.
Here are some factors to consider when faced with the alimony vs. property conundrum:
Taxes are an important consideration. Spousal support payments are considered income and are subject to state and federal taxes. However, property may not be subject to taxes, depending on its nature.
Spousal support payments continue only so long as the paying spouse is alive; once they die, the payments will stop. Furthermore, the receiving spouse’s heirs cannot inherit their alimony payments. Property, of course, both retains its value in perpetuity and is inheritable.
Spousal payments can be modified. If the paying spouse suffers financial or physical hardship, he may petition the court to have his monthly obligations lowered. The value of property, on the other hand, is much more stable.
Divorce should represent a fresh start
Divorce is never easy, but it also affords the opportunity to start anew if done the right way.
A successful divorce is about protecting what matters to you and creating the foundation you need to enter this new stage of your life.
An experience divorce lawyer can craft a bespoke legal strategy around your unique objectives. They also appreciate the circumstances you are facing, offering candid advice and an empathetic voice throughout the process.
Coral Springs residents shouldn’t hesitate to reach out. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.