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Financial concerns involved in divorce

Divorce can result in financial stress to go along with emotional burdens. Individuals in Tennessee who are going through divorce may consider how multiple factors can affect their finances after the divorce, including alimony.

Alimony offers monetary assistance to the spouse that was supported during the marriage. It is often available for a spouse who sacrificed his or her own career in order to stay at home and raise children while the other parent took on the role as the primary breadwinner. Alimony may take the form of a monthly payment to the former spouse, a lump-sum payment or on alternative arrangement, such as by making mortgage payments. Alimony can be an area full of contention because some are loath to want to write a check to a former spouse. One benefit of paying alimony is that the payments are tax-deductible if the spouse files a separate tax return. Contrary to public perception, alimony is no longer just for women only, and many divorce lawyers have seen a significant increase in women paying this type of spousal support.

Another consideration is child support. Many noncustodial parents doubt that the former spouse is using the funds directly for the benefit of the child. Alternative arrangements for child support might be preferable, such as having the parent pay directly for certain expenses, such as childcare, college savings or medical expenses. Setting up and paying for a child to have a separate phone can also help and provide a direct link for communication.

Tennessee family law lawyers may be able to assist individuals who are going through the process of divorce. They may be able to provide suggestions on how to divide marital property in an equitable manner.

Source: Forbes, "What Every Man Needs To Know About The Financial Side Of Divorce", Hayley Krischer, September 27, 2013

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