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Lump sum alimony payments have specific benefits for the payer

On Behalf of | Jan 5, 2017 | Alimony

Spousal support is something that doesn’t occur in every divorce; however, it can be a considerable point in the divorces that do include it. If your divorce is likely going to fall into the group that does include alimony, you might want to find a way to lessen the blow that the payments have on your pocketbook.

One option that you have is to find out if you can make one lump sum payment instead of having to make monthly payments. This isn’t going to be possible in all circumstances. You might not be able to come up with the cash to make the payment or the court might require you to make monthly payments.

If you can make a lump sum alimony payment, you might want to seriously consider it. While it can be a large hit to your bank account all at once, it would sever your financial obligation to your ex so that you are free to move on with your life without having to deal with the monthly payments.

Another benefit to a lump sum payment is that you aren’t making payments indefinitely to your ex. Instead, you are paying a finite amount. You won’t have to worry about keeping an eye on your ex to be sure he or she doesn’t get remarried or do something else that would allow the alimony to stop. This would also prevent your ex from putting off getting married again just so that he or she can keep the monthly payments rolling in.

It is important for you to carefully consider each of the options that you have for alimony if you are working on a collaborative divorce. The agreement you make should be realistic and one that you are able to stick to once the divorce is finalized.

Source: FindLaw, “Avoid Alimony Monthly Payment Programs,” accessed Jan. 05, 2017