Why You Might Consider a Lump Sum Payment Instead of Periodic Alimony
There’s a chance you could be awarded alimony as a part of your divorce settlement. In this arrangement, you may have a choice between getting an upfront lump sum payment periodic payments spread out over time, especially if that alimony arrangement will be a short-term one.
Although most people have periodic alimony arrangements, there are some reasons you might consider the lump sum option if the payer has enough money to make the payment and if you trust yourself to be financially responsible. Below are a few of those reasons:
- Your former partner will not be able to get the court to change the arrangement: There are some circumstances in which a person paying alimony can petition the court to change the terms of the agreement, whether it is due to financial hardship or other reasons. By taking the lump sum payment, you can ensure you get the full value of the initial agreement.
- You don’t have to worry about missing payments: Payers of alimony and child support are notoriously bad about missing payments, and there is little recourse for recipients to force the paying spouse to meet his or her obligations. Lump sum payments eliminate the risk of missed payments down the road.
- You do not have to update paperwork later: By taking the lump sum, you do not have to worry about updating court documents if you or your spouse move, or if there are other significant changes in your life circumstances.
- You can get it over with and move on: When receiving alimony, it might not feel as though you have entirely moved on from your divorce. You also could risk losing your alimony if you appear to be cohabitating with a new boyfriend or girlfriend after your divorce. Your lump sum allows you to get your support and move on immediately.
To learn more about your options when it comes to alimony, consult a knowledgeable Long Island divorce lawyer with Bryan L. Salamone & Associates.