Can Alimony Pay For A New House?
Finding a new place to live is one of the most important priorities for many divorcing spouses. It goes without saying that at least one spouse will need to move out of the home, and this can be one of the most stressful processes of the breakup. Not only is it emotionally draining, but it can also represent a serious financial impact. Many spouses ask themselves how in the world they are going to afford a new home, especially if they did not earn a substantial income during the marriage. So can alimony pay for a new house?
Questions like these are best left answered by legal professionals. While internet research can provide you with a general understanding of the subject, it’s always more productive to book a consultation with an attorney and discuss your unique situation. Based on your circumstances, a divorce lawyer in Orlando can provide you with a personalized action plan, helping you move on after your marriage into a new chapter of economic security. It’s best to connect with a divorce lawyer as soon as possible to discuss these matters.
Equitable Distribution Is the Normal Way to Seek a New Home
Normally, couples seek the means to obtain a separate home through a process called equitable distribution. This is when assets are divided by spouses in an equitable manner. If you and your spouse obtained the family home during the marriage, it will need to be divided. This means that if your former spouse keeps the family home, they will need to provide you with another asset of equal value. In many cases, the home is sold and the resulting funds are split. This process can easily provide spouses with enough funds to purchase a new home. However, this may not be possible if your spouse purchased the family home before the marriage contract was signed.
Alimony Doesn’t Always Last Forever
If you’re planning on using your alimony to pay for a new home, you might want to consider the fact that these payments will likely stop at some point. Permanent alimony is becoming increasingly rare, especially among spouses younger than retirement age. Although it might seem like a good idea to use your alimony payments to pay off a new mortgage, you need to plan for the future and determine how to continue making those payments when your alimony stops. Generally speaking, spousal support today is intended to help people get back on their feet and become financially independent once again. This means that you should explore new employment opportunities as quickly as possible so that you can continue paying for a new place to live after your alimony stops.
Enlist the Help of a Qualified Attorney Today
For help from a skilled Orlando divorce lawyer, reach out to Steve Marsee, P.A. Over the years, we have helped divorcing spouses with a wide range of issues, including alimony and property division. If you want to make sure you have a secure place to live after the divorce, we can certainly help you strive towards this basic goal in an efficient, confident manner. Book your consultation today to learn more about your legal options.