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Part two: Mistakes to avoid with alimony

In our last post, we talked generally about the mistakes some women make with their alimony payments. Rather than using the money as an investment into their futures, many women are careless with their funds, and they blow through large settlements in a short amount of time.

The reality is that many women in Georgia who receive alimony payments after a high-asset divorce could live comfortably on that money for a substantial amount of time. However, with celebrities serving as role models, the examples most women receive about alimony are lessons in "what not to do."

Let's look at some of the celebrity women who received alimony payments in the past couple decades. When Nicole Murphy divorced from Eddie Murphy, she received a $15 million payout. Within four years, she had spent the entire sum and found herself in debt with five tax liens totaling nearly $850,000.

When Patricia Kluge divorced from billionaire John Kluge, she allegedly received a billion dollar settlement. Even so, she defaulted on more than $20 million dollars in loans, and the banks foreclosed her winery and seized her 45-room mansion.

The $45 million payout Diandra Douglas received after divorcing Michael Douglas also seemed not to satisfy her needs. She pursued money from a recent film, claiming she was entitled to a portion of the profits because it was a spin-off of a former film.

Spousal support is certainly an important - often necessary - part of divorce. There are women who need financial support to compensate the sacrifices they made during their marriages. However, when divorcées fail to learn proper money management after the demise of their marriages, there is little hope of their alimony payments lasting as long as they hope it will.

Source: The Huffington Post, "The Biggest Mistake Women Make With Alimony," Jill Brooke, 4 February 2011

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