3 alimony negotiation mistakes

Thousands of Massachusetts residents have gone through a divorce. However, some cities have couples who appear to be more prone to divorce than others. The cities with the highest divorce rates in the state include North Adams, Newburyport and Pittsfield. 

One of the most contentious issues that will come up in any divorce is the subject of alimony. More times than not, one spouse will have to pay the other a set amount of money, at least temporarily. If you are the party who has to pay out, then you need to be cautious and avoid the following mistakes. 

Mistake #1: Hiding money

A lot of people are under the assumption that if they spend a lot of money before going to court, they will have to pay less. After all, you may have several months before you need to appear in front of the judge. However, most judges determine alimony by income, not assets. Therefore, you are better off retaining as much of your money as possible, so you have it to spend on divorce-related expenses. 

Mistake #2: Opting for short-term payments

A lot of people want to buy out of their alimony as soon as possible. Therefore, the proposition of paying higher payments over a shorter amount of time seems appealing. However, you should first consider the potential advantages of a long-term payment. For instance, if your spouse begins to cohabitate or marries another person, then you could be off the hook for alimony sooner and have paid less. 

Mistake #3: Failing to care for yourself

Finally, you need to take care of your mental health as well as your fiscal health during this trying time. You should have a close group of friends or a therapist to speak with. When you are of sound mind, you will be better capable of making informed decisions about your long-term finances.