Couples separate or divorce for all kinds of reasons. Depending on the circumstances, the divorce can be extremely emotional, and this can impair both parties’ abilities to negotiate a sound spousal support agreement. For instance, one party may make unrealistic spousal support demands. Or, one party may have deliberately contributed to the collapse of the marriage with the goal of splitting the marital property as well as demanding spousal support.
Also known as alimony, spousal support is a court-directed financial payment that one party provides to the other following the divorce. Several factors come into play when determining the spousal support amount. If you are in the process of negotiating spousal support with your soon-to-be ex, it is important that you know the strategies you need to implement to get the desired outcome.
Here are two questions that can help you get the best deal during a spousal support negotiation.
One of the most important things you need to know when coming into the table of alimony negotiation is your monetary needs. What will it cost you to get by? By understanding your financial needs, you will be able to negotiate spousal support from a point of understanding.
Besides knowing your financial needs, it is equally important that have a clear understanding of your current and future earning capacities. Remember, spousal support is not cast on stone. Meaning, it can be terminated or revised based on a number of circumstances.
Any spousal support settlement must comply with existing federal and state laws. This underpins the importance of acquainting yourself with spousal support laws before starting the negotiation process. Most states have formulas for calculating spousal support payments. Colorado is one such state. Some of the factors the Colorado divorce court will use to determine alimony amount include each party’s financial status, the amount of marital property each party is walking away with as well as the duration of the marriage.
Spousal support tends to be one of the most contentious issues during the divorce process. The result, disputes involving this payment can be long and costly. Fortunately, you can overcome this by adopting effective spousal support negotiation strategies.