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Financially readjusting for life after divorce

California residents who are considering getting a divorce might be thinking that finalizing their divorces severs all their ties to one another. However, that is not the case for all couples, especially where finances are concerned. Some spouses are ordered to pay permanent alimony to the other spouse.

Permanent alimony is the amount of money that a spouse is ordered to pay to his or her ex over a period after their divorce. Alimony payments are crucial to some people's budgets, especially if they didn't work while they were married. However, some states are beginning to put an end to lifelong alimony payments after a divorce. Therefore, divorce experts are beginning to advise people who rely on alimony payments to being planning accordingly for in case they don't always receive their alimony payments.

Experts say that there is a variety of steps that people can take to financially readjust for their life after divorce, especially since alimony might not always be around forever. One of the first things that people can do is to plan for their careers. People should consider alimony a subsidy and use it to help them get back into the workforce. Another thing people can do is to downsize their home to cut living expenses. People should also begin to budget for their new lifestyles. Although people's expenses may be the same after their divorce, their incomes might not, so they might want to consider cutting out the non-essentials in the budgets. The last tip that divorce experts give is for people to get serious about saving and include savings goals in their budgets.

People who need professional help sorting through the financial details of their divorces might benefit from the counsel of divorce attorneys. Divorce attorneys might be able to help them tackle issues such as alimony, division of property and child support during divorce negotiations.

Source: Fox Business, "How to Financially Readjust for Post-Divorce Life", Andrea Murad, August 02, 2013

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Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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