Spousal support is awarded following a divorce and contrary to popular belief, it does not last forever. Most of these arrangements only last as long as the recipient needs the money to rehabilitate themselves as a single person. For example, if the person needs to obtain training or go back to school in order to find a job to help sustain themselves. Here’s how to use spousal support payments wisely.
The very first thing you should do is make sure you have a place to live. Whether you use the money to pay the monthly rent or make a mortgage payment, make sure you put enough aside so you always have a roof over your head, especially if you have children with you.
Pay the bills. Utility bills and credit card bills are important. Do not get behind on paying these bills or else you could see your electricity turned off or the credit cards sent to collection agencies.
Do not forget to purchase insurance. You are likely no longer on the insurance policy for health, dental or vision from your former spouse. You might need to purchase your own coverage for all three of these. Don’t forget auto coverage, renter insurance, home insurance and any other policy you feel you need.
Try to pay down some of your debt. If you have money left over each month from these payments, you can put it into a savings account or pay off some debt. Paying off debt is a good start to rebuilding your financial future after a divorce.
When a spousal support agreement is approved by the court in Lafayette, you need to make sure you have a plan in place for the money. Don’t waste the money on just anything. Make smart decisions so you don’t accrue debt or run into trouble paying the bills.