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Alimony payment arrangements can vary greatly

On Behalf of | Mar 29, 2019 | Alimony

While it isn’t as common as it once was, alimony is still a factor in some divorces. If you are concerned about having to make regular payments to your ex when you split up, there might be a viable alternative for you to consider. It might be possible for you to make a lump sum payment instead of having to make the long-term monthly payments.

Making the monthly payments means that you are still tied to your ex even after the divorce. There is a chance that your circumstances would change, and you wouldn’t be able to make the payments. This could lead to you having more legal troubles.

When you are considering a lump sum payment, remember that you can’t get any discounts for the payments by asking to do this. The payment you make must be equal to what your ex would receive if you did make monthly payments. This could be a significant hit to your finances since it will all come out at once.

You also have to look at how this might impact your tax liability. With the changes to alimony laws, you need to find out what the latest laws mean for you in this case. Your ex will also have to find out how this can affect their taxes.

Because financial matters are such a sensitive subject in a divorce, it is best to explore the options and determine what you are actually able to do. This, along with other aspects of the divorce settlement, likely could be worked out with negotiations between you and your ex.