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5 ways to minimize the strain of alimony (maintenance) payments.

On Behalf of | Sep 13, 2023 | Divorce

alimony written on a calculator on top of financial papers

When a marriage comes to an end, financial matters easily get complicated, especially in high-asset situations.

Alimony (called Maintenance in Missouri) is one aspect that requires careful consideration during a divorce. If you find yourself in a high-asset divorce situation and are seeking ways to lower alimony payments, there are several steps you can take.

1. Full financial disclosure

Both parties must provide accurate and complete financial information. This transparency ensures that the courts determine alimony payments fairly. Make sure to gather and present all relevant financial documents, including income statements, tax returns and property ownership records.

2. Collaborative divorce process

In a collaborative divorce, both spouses work together, often with a team of professionals, to reach a mutually agreeable settlement. This process can lead to more balanced and tailored alimony terms.

3. Offer non-financial assets

Instead of solely relying on monthly payments, you might consider offering non-financial assets like property, investments or business interests as part of the divorce settlement. This approach could potentially reduce the need for high alimony payments.

4. Future financial planning

Demonstrating that the receiving spouse has a plan for becoming financially self-sufficient can influence alimony decisions. Presenting evidence of job training, education pursuits or career advancements can be persuasive.

5. Emphasize retirement plans

Discuss retirement plans openly. If one party is nearing retirement, this could affect their ability to pay alimony. Exploring how retirement might impact finances can lead to mutually agreeable solutions.

Approximately 689,308 divorces happen nationwide every year, many of which involve one spouse providing spousal support. Approaching alimony discussions with a fair mindset is important to achieving a resolution that respects the contributions and needs of each individual.