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What should I use spousal support payments for?

Receiving spousal support payments from your ex can be a big financial help, especially if you are trying to find a job for the first time in years. The amount you receive is based on a few factors, including the length of the marriage, the ability for the paying spouse to support themselves and make the payments and other elements. So, what should you use the spousal support payments for?

Above all else, you need to use these payments to cover your living expenses. Make sure the rent or mortgage is paid each month. You need a place to live, unless you move in with family or friends who will not charge you rent.

You will most likely be dropped from your former spouse's health insurance policy. Purchase health insurance until you find a job that offers it. You should also pay for renter's insurance, auto insurance, homeowner's insurance and other policies that protect you and your children.

If you have debt, it might be a good idea to pay down some of it every month with a portion of these payments. Getting rid of the debt will boost your credit score, which could lead to finding a better place to live.

Go back to school. Use the payments to cover tuition, books and transportation costs if you decide to return to school to earn a degree or study a new trade.

Open a 529 account for your children and deposit some of the payments each month into their account. A 529 is a great way to save for your child's college education.

Using spousal support payments wisely will help you move back into the world as a single person. It will help you get on your feet while trying to return to the workforce or while going back to school to learn a new trade or earn a degree.

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