Advice for Negotiating Alimony Settlements

Negotiating Alimony in Owing mills, MD

If you’re going through a divorce, you may need to discuss alimony laws in Owings Mills , or anywhere in the Baltimore metro region, with your divorce lawyer. Alimony is typically awarded based upon the financial resources of each partner, including assets, income, expenses, benefits, and bonuses. Here is some advice for negotiating an alimony settlement during your divorce proceedings.

Evaluate Your Spouse’s Resources

The judge presiding over your divorce case will use financial records to determine how much alimony you should be awarded. Even in an uncontested divorce, you and your spouse will need to file financial affidavits with the court that detail your financial resources and expenses. These affidavits will determine both your spouse’s ability to pay, and your own financial needs. These affidavits should detail you and your spouse’s separate assets, your individual monthly income and expenses, and any regular bonuses, benefits, or overtime wages that either of you receive. They should also include an itemization of money that is in stock portfolios, IRA accounts, and any other savings or investment accounts that either of you hold.

Alimony Settlement Advisory & Consultation in Owings Mills, MD Evaluate Your Needs and Expenses

You and your divorce lawyer will then need to evaluate your personal needs and anticipated expenses. You should look at the difference between your monthly income and your monthly expenses, and then compare it to the financial resources that you have, and your spouse’s financial resources. There is no standard formula used in alimony negotiations to determine the appropriate amount of alimony that should be awarded. Your divorce lawyer will just have to ask for the amount that you believe you will need in order to meet your expenses.

Consider Your Child Support Award

Child support orders are separate from alimony orders, but you should still consider your childcare expenses when negotiating alimony. You cannot include child support expenses in your alimony request. Instead, you should factor in the additional monetary support you will receive for child support in an effort to ensure your alimony request is fair. Your spouse cannot reduce the amount of child support that he pays in order to increase your alimony award, however.