Lump-sum alimony is a great option for divorcing couples

by | Oct 18, 2019 | Spousal Support

Spousal support causes a lot of people concern because they aren’t sure if they should ask for it. In some ways, spousal support can be a great benefit. However, it does have the potential to tie you to your ex-spouse long after your divorce has been finalized.

One way to avoid having to deal with your spouse later on after your divorce is to consider lump-sum alimony. Lump-sum spousal support is paid out all at once so that you don’t have to wait for weekly, biweekly or monthly payments to hit your bank account.

Why choose lump-sum alimony?

Lump-sum alimony is great for divorcing couples who don’t get along or for situations where there’s a risk that an ex-spouse may not pay support as ordered. Monthly alimony payments can be frustrating for both parties, with one needing money and the other not wanting to risk the consequences of failing to pay. Both may want to move on without having to further interact with one another.

Lump-sum alimony is paid, in full, at the time of the divorce. Essentially, one spouse gives the entire amount of alimony owed to the other as one large payment. Lump-sum payments must be equal to the total sum of all payments if they were made monthly, so someone receiving alimony doesn’t have to worry about receiving less through a lump-sum payment.

If you believe that a lump-sum payment is right for your situation, it’s a good idea to speak with your spouse and attorney about the potential for setting up a single, lump-sum payment for spousal support.

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*The above is not meant to be legal advice, and every case is different. Feel free to reach out to us at Hoover Krepelka, LLP, if you have any questions. Information contained in this content and website should not be relied on as legal advice. You should consult an attorney for advice on your specific situation. 

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