When you and your spouse are getting divorced, one of the most complicated things you may decide together (and with the help of a court) is the subject of alimony payments. In some cases, it may be as simple as you and your spouse agreeing to a set alimony payment and having the judge put that amount into your divorce papers. In other cases, one or both spouses may not agree to alimony payment and the issue can become very tricky, as a family lawyer, such as from Daniel J. Wright, can explain. However, when a judge does determine that alimony is necessary, there are typically two types of alimony to choose from:
- Lump Sum Alimony
- Monthly Installments
If you are the supporting spouse in the alimony payments or the dependent spouse receiving the alimony payments, you should seek the help of a qualified attorney who can ensure that the decision is fair and that a judge considers all aspects of your divorce circumstances. For more information on how a trusted attorney can help you during your divorce proceedings and with your alimony, please reach out to a law office today. They care about getting you set up for the future.
What are the benefits of paying a lump sum alimony payment?
For the person who must pay alimony, there are a few benefits to a lump sum payment. For example, an attorney knows that you are trying to move on with your life after a divorce. Monthly alimony payments can become a constant reminder of what you had and how it did not work out. For this reason, you may prefer a lump sum. Additionally, you may not feel as comfortable with monthly alimony payments in case something else comes up and you need to use your money elsewhere down the road.
Who approves the lump sum alimony payment?
When you go to court to ask to pay a lump sum instead of a monthly alimony payment, typically, you and your spouse must both be okay with this. In some states, however, a court may approve you of this regardless of what your spouse wants as long as you are paying the total amount in alimony.
Are there benefits to accepting a lump sum payment?
Just as there are on the paying end, there are also benefits on the receiving end of a lump sum payment. Your attorney knows that you might actually end up with more money than you would have received with monthly alimony payments. Additionally, with a lump sum, you do not have to worry that you will not receive the money the court has entitled you to. There will be no concern about whether you get your monthly alimony payments.
It is important that you also speak with your attorney regarding any tax consequences that may come up if you choose to accept a lump sum alimony payment versus a monthly alimony payment.
There are many options regarding alimony when it comes to divorce and it is imperative that you seek the help of a trustworthy and aggressive attorney as soon as possible to help you determine what is best for your situation. Call a law office today.