For many spouses, the divorce process is unfamiliar territory. It can be difficult to know which decisions are best during what can be a tumultuous time. That said, the financial decisions made during the divorce process can have lasting ramifications, so spouses should make every effort to structure a smart property division strategy. For those in Arizona who expect to receive child support or alimony as part of their divorce settlement, there are a number of considerations involved.
Having access to support payments can help a newly divorced spouse cover the cost of living expenses while he or she raises small children or gets back into the workforce. That said, the value of such support is only attainable when the party who makes the payments is able to do so. Should one’s former spouse encounter serious financial difficulties, the support payments could slow or stop entirely.
When considering the non-payment of child support or alimony, many people have a mental image of a deadbeat who refuses to help support his or her children. In reality, however, the matter is far more complicated. Virtually anyone can run up against serious financial strain, regardless of their level of commitment toward their children. The sudden loss of a job, the failure of a business, a lawsuit or injury could all leave an individual unable to make the agreed-upon support payments.
With this in mind, Arizona spouses who feel that there is a higher-than-average risk of losing child support or alimony payments should consider alternative divorce negotiation strategies. For example, taking a greater share of marital assets in exchange for reduced support payments might lead to a greater level of financial security than relying on support payments. Each set of circumstances is different, and spouses who feel that their child support or alimony might be threatened should discuss the matter with their divorce attorney.
Source: unionleader.com, “Money Sense: Financial mistakes to avoid during a divorce settlement”, Marc A Hebert, May 2, 2015