When Colorado couples finalize a divorce, the two people involved may still rely on each other, especially when it comes to finances. In many cases, one individual relies on alimony from the other, which is a court-ordered payment that must be made by one spouse to the other. Many people rely on these alimony payments; however, some states are considering ending these payments as part of certain reforms to family law-related legislation.
As the end of alimony may become a reality in many states not too far in the future, experts suggest that both individuals have a clear understanding of the financial situation that they will be in once the divorce is finalized. While alimony may be considered a source of income, such sources of income can change suddenly. Those who rely on alimony should be aware of this and have some sort of backup plan in the event that the payments end.
For those who are finishing up with the divorce process, experts have provided several tips. One of the main tips is to plan for a career and take steps to be self-sufficient. They also recommend creating a budget based on the individual's new post-divorce life to avoid any possible debt. This may mean downsizing the home or other living expenses. Finally, savings should be included in any budget that is set.
A divorce may change the lives of those involved, especially financially. An experienced Colorado family law attorney can help their client by helping them come to an agreement regarding possible alimony or other types of support. The attorney may be able to help provide legal advice or available options for those who are entering a new phase of their lives, and he or she may also be able to work out a settlement that benefits everyone involved, including any children that resulted from the marriage.
Source: Fox Business, "How to Financially Readjust for Post-Divorce Life", Andrea Murad, August 02, 2013
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