How are lump sum alimony payments beneficial?

| Dec 28, 2020 | Divorce

Your spouse makes a good living, and you haven’t worked in years. When they filed for divorce, one of the first things you thought about was your right to alimony payments. You want to get the support you were counting on when you got married and quit your job. You can’t go back in time or get those years back, so you’ve suffered a notable financial loss.

Getting it all up front

You have a few different options with alimony, one of which is to take a lump-sum payment. Rather than getting $5,000 per month for 10 years, for instance, you could ask for it all upfront. That would be $600,000, so your spouse has to have the money on hand to make it possible. If they do, what are the advantages? A few include:

  • If you and your ex are not on good terms, you don’t have to have contact moving forward.
  • You can invest the money and make it go further than it would have.
  • If your ex loses their job, you don’t have to worry about alimony payments coming to an end.
  • If you get remarried, you don’t have to worry that your ex will put a stop to the payments.

Essentially, the lump sum payments can make for a simple, low-conflict future. If that’s what you want in divorce, and if your ex can pay, it is worth considering.

Exploring all options

As you can see, it’s important to work with a legal team that can help you explore all of your options.