Making The Most Of Spousal Support While You Still Have It
Many people think that if they are awarded spousal support, or alimony, during a divorce that it is indefinite or even permanent. The law in California does allow for permanent or long-term spousal support to be awarded in some cases, such as after a very long marriage or when one spouse has a disability that prevents them from obtaining gainful employment. In most cases, though, spousal support is temporary and can be ordered for a very specific amount of time. It will usually involve an end date and is typically only intended to help you adjust to life as a single person and earn the skills or education to obtain employment.
If you have been awarded spousal support during a previous divorce, it is important to know when that support will end. It is also important to know what to do with that support in the meantime. Below, our team explains more.
Create a Plan
Only once you know the end date included within your spousal support order can you start to create a plan for what you will do with the extra funds while you are still receiving them. Carefully consider your goals for the next few months or years, and list out the milestones you need to reach to achieve them. After you have identified your goals and the steps you will need to take to achieve them, you can then create a budget.
For example, if you know that you have to go back to school to enter into the career you want, you can list how long the program will take and how much tuition will cost. You can then create a budget that includes the tuition, as well as your daily expenses and other costs, so you can better determine how to spend your spousal support while you still have it.
Of course, in addition to creating a plan for what you will do with your support money, you should also save as much as you can right now. After you have created your budget, you can then designate a certain percentage of each payment to a savings account. Unexpected situations and expenses will crop up and it is always a good idea to have a nest egg so you are prepared for them.
Invest in a Business or Your Education
It is not uncommon for judges to award spousal support so one party in a divorce can obtain a better education or invest in a business or their own skills. Take advantage of this time and make sure you use the support for what it was intended. If you do not, you will find yourself in the same position you were in during your divorce, but without a cushion to fall back on.
Our Spousal Support Lawyers in Campbell Can Advise On Your Case
If you are getting a divorce and need to ask for support or you need to enforce an order, our Campbell spousal support lawyers at Hepner & Pagan, LLP, can provide the sound legal advice you need. Call us now at 408-429-8336 or contact us online to schedule a consultation and to learn more.