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Keep this in mind when negotiating alimony agreements

On Behalf of | Oct 29, 2021 | Spousal Support |

Divorce is a difficult time for both parties in Wisconsin, and when divorce proceedings come to an end, one party might find themselves in need of financial assistance. One way that divorcees can get this help is by negotiating an alimony agreement with their ex-spouse. To get the most out of your alimony negotiations, keep the following tips in mind.

Understand the law

In some cases, there are state laws that might impact your negotiations with an ex-spouse regarding alimony payments.

For example, in Wisconsin, divorcees might be able to receive alimony payments indefinitely after the end of a marriage that’s more than 20 years old. In addition, divorcees should know the laws regarding tax deductions for alimony payments before accepting a deal from an ex-spouse.

Understanding the law of your area can help you better negotiate an alimony agreement that’s fair for both you and your ex-spouse.

Know your finances

Your divorce settlement is going to be largely determined by your financial state at the time of divorce. Make sure that you know how much you make, what expenses are coming out of your paycheck, and where all of your money goes each month. When negotiating alimony with an ex-spouse, it will help if both parties have a sense of how much money they have, and where it’s going.

Knowing your finances will also allow you to make a more informed decision when it comes time for divorce proceedings in the first place.

Manage your expectations

If you’re expecting to receive an exorbitant amount of money from your spouse immediately after divorce proceedings, then it’s time for some rethinking. Some divorcees try to use the promise of future payments in order to get a larger divorce settlement, but this tactic rarely works.

Instead of focusing on large dollar amounts that you’re going to get from your ex-spouse after divorce proceedings are complete, look for a fair alimony agreement instead. Are you preparing yourself for divorce negotiations concerning alimony? Keeping these tips in mind can help you feel confident about your alimony agreement no matter your financial situation.