When you lose your job, severance pay can be a huge help. It's a package offered to employees laid off or fired without cause. Usually, how much you get depends on how long you've been with the company.
Below, the team at Barton Mendez Soto PLLC outlines tips on maximizing your severance package so you can make the most of a difficult situation.
Details of Your Severance Package
If you're lucky enough to receive severance pay, you can do a few things to ensure you get the most out of it. First, take some time to understand the severance agreement. If there's anything you don't understand, ask for clarification from your HR representative. Once you clearly understand the terms of your severance package, you can start negotiating.
If you're unhappy with the severance agreement, try negotiating a better deal. Severance packages are usually negotiable so trying and getting what you want is worth it. Be prepared to explain why you deserve more severance pay and have data or examples to support your claims. If you're struggling to negotiate independently, you can hire a severance negotiation expert.
What to Do With Your Pay
Once you've negotiated a severance package that works for you, it's important to put the money into something that will last. Severance pay is often given as a lump sum, so it's important to be smart about how you spend it. One way to do this is to use the money to pay off debt, like credit card debt or a car loan. This will free up some extra cash each month which can be helpful as you look for a new job.
Another option is to invest the money in your future. You can use severance pay to fund your retirement account or start a new business. This can be risky, but if it pays off, it will be worth it in the long run.
Why an Employment Lawyer Should Review Your Severance Package
Severance agreements are usually complex and it's important to have a clear understanding of the terms before you sign anything. An employment lawyer can help you understand the agreement and ensure you get a fair severance package. If you're unhappy with the severance offer, an employment lawyer can help you negotiate a better deal.
Hiring Barton Mendez Soto PLLC to review your severance agreement is a smart move and can help you get the most out of your severance package. Additionally, our experienced employment attorneys can help in case you have any evidence of discrimination. If so, you could file a suit against your employer.
Feel confident about your severance package by contacting Barton Mendez Soto PLLC online or by phone so we can review the agreement. (480) 418-0668