Q: Need to ask ? About an alimony buy out.
I was divorced in 2005 and have been receiving alimony of 1300 dollars a month with no cost of living raises all those years, Im now 68 and retired and he's 57 and has done very well for himself, I would like to get a buy out so I don't have to worry every month if he's going to be late or not. I lived alone since he left in 2003. I just don't want to deal with him anymore, what can I do, life expectancy for a woman according to what Ive read is 87 years. How do they calculate how much a pay out would be and what would I need to do.
Thanks
A: First of all you would need to make sure that your former spouse would agree to a buyout. Unless this was addressed in your marital settlement agreement you do not have a legal right to pursue it without the other side's agreement. You also need to recognize that your former spouse will have a right to retire at 65 and possible ask for a modification of the alimony. These factors are in addition to your life expectancy. You (or a family lawyer) would probably consult with an accountant who can calculate your potential alimony buyout. Speak with a local family lawyer for more specific advice.
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