Alimony Calculator – How Much Will I Pay In Alimony?
During my divorce I searched really hard for a good alimony calculator. I wanted to know right now how much will I pay in alimony. It literally was driving me crazy and I could just not stop thinking about it. Well, I am divorced now and am paying alimony so I will tell you what I know from my actual experience to help guide you through the thought process and to help guide you to a couple good resources I had found that will at least get you close.
One of the key factors of course on what you will be paying is how much more than you make than your wife. I made a significant amount more than my wife as in over $100,000 a year more and she had no college degree and made around $25,0000. We were married 26 years and I ended up settling at $3000 a month in regular alimony payments.
Did I think it was fair that I have to support my ex for years on end? Of course not, but the reality is that if you are married long term like I was and you were ambitious and made a good salary and she does not that you will get stuck paying it. You just have to come to that reality and deal with it like any other business negotiation.
We will have articles posted on alimony negotiation and strategies, but this article is specifically talking about an alimony calculator that you can use that will get you a good general idea of how much you will pay in alimony.
Online Alimony Calculator Resources:
1) Alimony Calculator Florida
This calculator of course is for those in Florida and was developed by divorce attorneys in that state. It worked very well for me and got me extremely close to what I actually ended up paying so I give it a 5 Star rating on it’s accuracy.
To go to the calculator just click on the bolded title above that says Alimony Calculator Florida.
From there you will enter your income if you are the main bread winner in the Payor section. Make sure you click on the annual salary tab as it gives you other choices.
Then submit the payee information which will be your spouses salary, which is more than likely much less than yours if you are worried about paying alimony.
It then will ask you about the liquid assets that the payee will be receiving. So if your spouse for example walks away with $70,000 or more based on payouts on all of your cash accounts, home equity payout and even brokerage accounts that were split, this will be the total amount of liquid assets. Make sure you check the appropriate selection.
You then enter the amount of years you were married and hit the calculate alimony button and you will get an amount per month you will expect to pay.
2) Divorce Spousal Support Calculator
I had found this alimony calculator a couple weeks back and was also impressed with it’s accuracy. The website is known as Alimony Formula and has a couple of attorney’s from Massachusetts that developed this tool.
This alimony calculator actually starts out by asking you the number of years you were married, then you input the recipient gross and net annual income and then you the payor.
Hit calculate and it will give you several different results. It has a list of results for Massachusetts, Maine, Pennsylvania, Texas, other counties and the AAML.
The AAML is the American Academy of matrimonial lawyers. Its calculation was almost dead on for what I ended up paying. They actually have a PDF file you can get that is for Alimony Guidelines and considerations when determining alimony. I have included a link under related resources below if you would like to check it out.
3) Contact a Legal Expert and Attorney in Your Area
The only real way to understand your situation is by talking to a legal expert that can give you advice and a local attorney who can access all the factors and variables of you divorce and specific situation. My advice is to contact someone as soon as possible and get the best attorney you can by asking around and getting references. This may even mean contacting other attorneys and asking who they would use if they were getting divorced.
That is exactly what I did in my divorce and I ended up getting a really great divorce attorney. I called the lawyer that had done my Will and Trust and asked him who he would use. He gave me a couple names, but recommended a woman attorney. The more I read up on it, the use of a woman attorney in a divorce can actually be to a man’s advantage and they seem to be better listeners and willing to negotiate and compromise when needed to avoid huge amounts of money being spent on mediations or going to court.
The bottom line for this article is that a good alimony calculator like the ones I recommend you should get you in the ball park on what you should be paying so you will know what to negotiate. Speaking to an attorney and working through the process to come up with a compromise and best outcome for you will be the only way to truly know what you will end up paying.