Spousal maintenance payments, often referred to as alimony, are paid by one spouse to the other after their divorce is finalized. Alimony payments can be temporary, ending after the recipient finishes school, acquires a job, or when the court feels the spouse should be self-sufficient. In other situations, alimony is paid until one spouse passes away or until the recipient remarries. Most are family with the idea of alimony payments being made monthly, but it is also possible to receive alimony in one lump sum. Before agreeing to receive monthly payments it is a good idea to find out if it is a better idea for you to request lump sum alimony.
Avoid Financial Problems
Statistically, women are more likely to receive financial support in the form of alimony payments after a divorce. Women are also more likely to find themselves living at or below the poverty line for a long period of time following a divorce. Receiving alimony in the form of one lump sum can help you avoid the financial hardships that often occur immediately after a divorce. The money can be used to purchase a home, buy your spouse’s share of your joint home if he or she is willing to sell it, or otherwise provide you with a tangible way to improve your financial situation by removing the strain of the loss of a major portion of your household income.
Protects You if Your Spouse Stops Paying
Post-divorce maintenance may be court ordered, but that does not mean that your former spouse will not fall behind. Even well-meaning adults find themselves unable to pay their financial obligation due to job loss, reduction in pay, or other issues If you are dependent on receiving a certain amount of spousal support monthly, an ex’s sudden inability to pay could cause significant problems for you, as well. In some situations, your ex may be able to get a modification to an existing order after proving that his or her income was reduced, meaning that you are left scrambling to make up the difference.
Helps Avoid Future Problems
If you and your former spouse share children, alimony could become a point of contention that negatively impacts your entire family years after the divorce. A person who has spent years paying alimony with no hope of having the payments reduced or ended may begin suffering from depression and lack the motivation to work. While their financial situation is not necessarily your concern, if you share children and grandchildren together, the situation could grow uncomfortable especially when they beginning planning to retire. Receiving a lump sum of alimony allows you to receive money that you are entitled to without having to risk dealing with years of hard feelings and contention.
Talk About Your Options
The only way to find out what option is best for your unique situation is to discuss your marriage and finances with an alimony and spousal support attorney. An attorney who is able to recommend what alimony award type is reasonable to expect after reviewing the details of your case. The aggressive attorneys at Vayman & Teitelbaum are prepared to fight for the alimony amount and payment method that you deserve. Contact us today at 678-736-7700 and schedule an appointment at one of our four conveniently located Atlanta, Georgia offices.