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Lump sum alimony payments help you break ties sooner

On Behalf of | May 26, 2017 | Alimony

Alimony payments are one thing that might tie you and your ex together for longer that what you want to think about. Many alimony orders are based on monthly payments. This doesn’t have to be the case. Some alimony orders might include alternatives to monthly payments.

One option that you might have if you are going to have to pay alimony is to pay a lump sum. While this isn’t possible for everyone, it is an option that you should carefully consider if you are able to do so. Just make sure that you are realistic about what you are going to be able to afford based on the property division settlement.

Paying a lump sum alimony payment means that you won’t have to think about your ex on a monthly basis. Instead, you will be done with your ex as soon as that payment is made. This is often preferable after a contentious divorce since you won’t have to do anything else.

When you are trying to come up with an alimony order that works for you and your ex, you have to think about a host of issues. For example, your ex might only be willing to take the lump sum financial support payment if it is considered a settlement. This is because of the tax implications of alimony versus the implications of a payment that is classified as a settlement.

Everything that has to do with your divorce requires thought. Taking a little time to think about what you can realistically live with and what you want to do might help you make the decisions that you feel are in your best interests.

Source: FindLaw, “Avoid Alimony Monthly Payment Programs,” accessed May 26, 2017