On behalf of The Law Office of Gustavo E. Frances, P.A.
Being on the receiving end of alimony payments is common for those who have finalized a divorce in Fort Lauderdale. You are receiving these payments because of the length of your marriage, the assets of each spouse, your lifestyle, and the length of time it will take you to find a job so you can become self-sustaining. Alimony payments are not meant to last forever, which is why you must use the money wisely, according to our Fort Lauderdale family law attorney at The Law Office of Gustavo E. Frances, P.A.
Pay for the Rent
It’s likely you are not still living in the marital home and are instead renting a townhome or apartment. Use these payments, which are made monthly, to help pay for the rent. Rent is not cheap. It can cost anywhere from $800-$1,200 a month or more in Florida.
Pay the Mortgage
Did you have the financial ability to purchase a new home? If so, you likely did it using a mortgage. Take the alimony payments and apply them to your monthly mortgage payment. It’s best to wait anywhere from six months to a year before making such a big decision following a divorce, but this is still an option if you already signed the paperwork.
Since the divorce was finalized you are likely no longer on the insurance plan of your former spouse. Living without insurance is never a good idea. Use the alimony payments to keep coverage. This includes health, dental, vision, rental, homeowner’s, auto, and any other insurance policy you require.
Pay Legal Bills
The legal bills from your divorce will not go away, especially if you couldn’t get your former spouse to agree to pay for them. The alimony can be used to pay your attorney’s fees and any other bills that come across your desk stemming from the divorce.
Pay Down Debt
Did you exit the marriage with debt? The debt was likely divided between you and your former spouse. Even if you have a little bit of debt to your name it’s still a good idea to pay it off as soon as possible. Using the alimony you receive from your former spouse can help pay down this debt quicker than expected.
Set Your Children Up for the Future
One of the best ways you can use alimony is to set your children up for the future. Invest in their education by opening savings accounts earmarked for college. These are known as 529 accounts and can only be used for education. The accounts can be opened at any age.
Go Back to School
The alimony you receive can also be used to go back to school. You can earn a degree, receive specialized training, and even pay for textbooks and other supplies. Not only are you acquiring skills to help get a job, but you are also securing your future.
We know how important it is for you to receive alimony payments regularly and on time. These payments can be used for any of the items mentioned in the post. If you have questions about alimony and its uses, please contact us today to schedule a meeting with our Fort Lauderdale family attorney, Gustavo E. Frances, at 954-297-6546.