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The smart uses for alimony payments

On Behalf of | Mar 8, 2019 | Family Law

Alimony is always a contested topic of discussion between two divorcing people. When the couple cannot come to an agreement, it will go in front of a family law judge. The judge will make the determination on the amount to be paid based on various factors. If you receive alimony in Memphis, here’s the smart uses for these payments.

First and foremost, make sure you stay insured. You will be dropped from your former spouse’s insurance policies, so purchase your own. This includes health, dental, vision, homeowners or renters, automotive and any other policy you feel you should have in your name.

Make sure you have a place to live. Even if you have to rent a place for a couple of months while you restore your credit. Alimony payments can help with the monthly rent. If you have a mortgage, you can apply the payments to the mortgage too.

Go back to school. Invest in your own future by going back to school. The alimony payments you receive can be used to pay for tuition, books, fees, transportation and other activities if you decide to earn a degree or a second degree.

Invest in the future of your children. Open a savings account and deposit a portion of the alimony payment in the account each month. Or, you can pay to send them to private school with the money.

Receiving alimony payments monthly can help you get back on your feet following a divorce. Be sure to use the money for the items listed in today’s post, so you are not struggling to pay the bills or the rent each month.