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Understanding your financial health is important after a divorce


For many people in Philadelphia, Pennsylvania, the end of a long divorce battle is cause for celebration. However, divorce isn't necessarily the end of all ties with a former spouse. There are still financial concerns that spouses who divorce have to live through, even after the divorce papers are finally signed.

One such financial concern is alimony, which is the money ordered by the court to be paid to one ex-spouse by the other. The frequency of alimony payments is determined by a number of factors including the length of the marriage and the lifestyle the couple enjoyed during marriage. For many, alimony is a crucial part of the budget of the spouse who is going to be supported, especially if that spouse has spent most of his or her time during the marriage caring for the children and not in the work force.

Some states have considered changing laws concerning permanent alimony. Since divorce can be both financially and emotionally exhausting, permanent alimony adds to the burden of many ex-spouses who have to support the other ex-spouse for the rest of their lives. As such, those spouses who rely on alimony may want to consider planning ahead for some budget adjustments.

Experts advise that those relying on alimony now should look at the money as a subsidy to help them get back to work so that they can become independent. As such, it is important to plan ahead by starting to think about one's career path. Experts also recommend saving for a rainy day now. This may include downsizing and re-adjusting to a new lifestyle that fits the actual budget, rather than a lifestyle that depends on alimony payments. Family laws are constantly changing and while alimony payments were once a lifelong obligation, many have questioned if this is still applicable at a time when both spouses can pursue an education and lucrative careers.

Some states have already begun the process of putting forth legislation to end permanent alimony and it is wise to begin adjusting to these changes. Those seeking more information on divorce and spousal support may wish to speak with a knowledgeable family law professional. The legal professional can provide expert advice, as well as assistance in dealing with the complications of a divorce and other related matters.

Source: FoxBusiness.com," How to Financially Readjust for Post-Divorce Life," Andrea Murad, Aug 2, 2013

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