Post-divorce planning: Spousal support and settlement payments
High asset divorces often involve substantial settlements as well as long-term spousal support. It’s normal to get caught up in how much you will be paying or receiving, but there are other important details that you should be sure you understand before you agree to anything.
If you are the party receiving a bulk payment or spousal support payments as part of the divorce settlement, it’s important to understand how this money will affect your financial future. Planning is critical. Questions to ask your lawyer include when you should receive any bulk payments, such as your share of your ex’s retirement account, how long the spousal support will continue and what to do if your spouse doesn’t make these payments as he or she has been ordered to do.
For those making the payments, understanding the timing is also crucial. In some cases, you may need to make a bulk payment to your ex as soon as just a few weeks after the divorce. Some people think that their ex’s share of the retirement assets doesn’t get paid until the person actually retires, but this isn’t usually true. Knowing when the payments are due is just as important as knowing how much they will be.
Sometimes people get caught up in the fighting part of the divorce and don’t adequately prepare for what life will look like when the papers are finally signed. If you have questions about what your settlement means for your future or what to do if you think a proposed settlement is unfair, we can help.
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9