How should you spend your alimony checks?

| Apr 21, 2017 | Spousal Support |

If you have been granted alimony by an Illinois judge, it indicates that your marriage and divorce have put you at a disadvantage financially. The support you get from your ex-spouse is not intended to be a punishment for him or her, but a way to prevent that hardship from destroying your life. The payments typically do not last indefinitely, but using them wisely may restore your earning potential and help you become independent, or may meet other important needs.

GoBankingRates.com points out that, whether you set your successful career aside to raise your children or you supported your spouse’s education and never got your degree, using spousal support to take the classes you need could give you the relevant knowledge and skills to catch up. Meanwhile, the money may help cover the costs of rent or mortgage payments and other monthly expenses while you attend school.

Having a good income on your own does not ensure financial security, especially if you have lots of debts left over from your marriage. Paying these off with spousal support could free up enough of your own salary to restore you to the standard of living that you should have.

Maybe your new financial situation is not really that different once you add the alimony payment to your budget. Before you start spending, remember that taxes on your spousal support could reduce your total income. You may also consider tightening your belt and putting the money into savings for future needs, such as your children’s college educations or your eventual retirement. This information is not legal advice and is educational in nature.

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