Alimony and property division both represent sources of financial stability after divorce. Multiple studies have determined that divorce can lead to poverty for many spouses, even those who emerge from high-net-worth marriages. If you are eligible to receive both alimony and a property division settlement, you might wonder which is more important. Which one should you prioritize? This is a question you might want to ask an experienced divorce lawyer in Georgia.
Property Division is Often More Important
When comparing alimony and property division, the latter is often more consequential for divorcing spouses. Consider the fact that during most marriages, spouses accumulate significant assets. Examples include family homes, vehicles, investments, retirement accounts, and so on. The value of these assets usually outweighs any potential gains you might receive from alimony in Georgia.
Alimony Is Often Short-Duration
The average divorce occurs eight years after the wedding, and this is not enough time to warrant long-term alimony. The general rule is that alimony lasts for half as long as the marriage. So if you were married for eight years, you can expect to receive alimony for only four years. This means that alimony often provides only short-term financial assistance. For very short marriages (two years or less), judges often feel that alimony is completely unnecessary.
Property Division Can Provide Income as Well
If you’d like to prioritize alimony because of its recurring nature, you should know that a property division settlement can also generate income. Specifically, you might walk away with assets that generate passive income. For example, you might gain a new rental property after your divorce, and this could generate mostly passive income for the rest of your life. You might also receive a share of the stock portfolio, and some of these investments may generate passive income in the form of dividends.
The point is that alimony is not the only way to enjoy financial stability after a divorce. In fact, many spouses willingly give up their right to alimony in exchange for other assets. For example, you might relinquish your right to alimony in exchange for a greater share of the retirement account. These flexible deals are often highly beneficial, and they might be possible via alternative dispute resolution (ADR) strategies.
You Can Pursue Both
With all that said, there is no reason not to pursue both alimony and a positive property division settlement. An experienced lawyer can help you achieve both of these goals. If you’re worried about incurring significant legal fees, your ex might be forced to cover these expenses (especially if they earned much more than you during the marriage).
Can a Georgia Divorce Lawyer Help Me Improve Financial Stability?
A Georgia divorce lawyer might be able to help you improve your financial stability. While you might want to prioritize alimony over property division (or vice versa), you can probably pursue both with guidance from an experienced family law attorney. To discuss your unique goals and priorities in more detail, consider contacting Lankford & Moore Law today.
