A Lump Sum Alimony Payment: Is It Right for You?
If you are getting a divorce from a spouse who earns considerably more than you, a judge might order them to pay alimony on a temporary or permanent/indefinite basis. Understanding your options for how you receive this alimony can help you make the best financial decisions for your future.
Should I Ask to Receive Alimony in a Lump Sum?
Before determining whether you wish to receive alimony in the form of a lump sum, it’s important that you understand you may not be able to simply decide this is how you want your ex to make payments. The judge will determine whether this is an appropriate and fair arrangement by accounting for a variety of factors. Naturally, if your ex is not financially able to pay alimony in the form of a lump sum, this is not an option a judge is likely to give very much consideration to.
This highlights one of the many reasons you should enlist the help of a qualified legal expert when going through a divorce. A Fort Lauderdale alimony attorney will advise you on whether pursuing a lump sum request is realistic. They can also explain the potential advantages and disadvantages of making such a request.
Factors to consider when deciding if you want to ask for a one-time lump sum alimony payment include the following:
The Future Earning Potential of Your Spouse
When a court orders someone to pay alimony, the terms of the order may not always be permanent. There are various reasons why an alimony order can be modified.
For example, if your ex loses their job and it does not appear they will easily be able to find a similar paying job in the foreseeable future, they might not be able to continue making regular alimony payments. A judge might thus modify an alimony order based on your ex’s new financial circumstances.
Consider this when deciding if you wish to request a one-time alimony payment. If you worry your soon-to-be ex can’t be relied upon to stay employed, receiving all the alimony they owe you upfront could give you some peace of mind.
Your Own Financial Responsibility
You have to honestly and realistically evaluate your own degree of financial responsibility when deciding if it’s better for you to receive a lump sum alimony payment or if you should accept periodic alimony payments.
The purpose of alimony is to ensure your overall quality of life doesn’t change dramatically as a result of getting a divorce. If you can trust yourself to manage your finances appropriately, you may save your lump sum alimony payment, using the funds from it only when necessary. On the other hand, if managing your finances has not always been among your top strengths, you might accidentally squander the funds too quickly, leaving yourself in dire financial circumstances.
These topics are worth discussing with a professional. The Law Office of Gustavo E. Frances, P.A. offers a Fort Lauderdale alimony attorney ready to help you receive the alimony you deserve in the manner best suited to your needs.