Lump Sum Alimony Vs. Normal Alimony
If alimony is required in your marriage, you may have the option to choose either a lump-sum payment or a more traditional method of monthly payments. But which option represents the best choice for your divorce? There are pros and cons to each option, and the best choice for you depends entirely on your unique circumstances and goals. In order to make an informed decision, it makes sense to assess each option in more depth and consider the advantages of both.
Advantages of Lump-Sum Alimony
One of the most notable advantages of lump-sum alimony is that you can put the entire ordeal behind you after a single payment. This is an ideal choice for those who don’t want to be bothered with additional legal issues in the future. You might also want to take this route if you don’t enjoy the “reminder” of your divorce each month when you see your money being siphoned out of your bank account.
Another important advantage of lump-sum alimony is that you don’t have to adjust these payments in the future. For example, you might get a raise or a bonus. This will not result in higher payments each month since you’ve already handled your alimony obligations.
Disadvantages of Lump-Sum Alimony
One of the main disadvantages of lump-sum alimony is that it can be quite expensive. Paying years of alimony up-front might not be possible for some people, and you might have no choice but to opt for regular payments instead. That being said, Florida has relaxed alimony obligations in recent years, so a lump-sum payment is now lower than it was a few years ago.
Another disadvantage is that you will not have an opportunity to adjust your alimony if you fall on hard times. For example, you might lose your job or get demoted. If this occurs, you cannot go back and “ask for a refund” because your alimony has already been dealt with.
Advantages of Regular Payments
One of the key advantages of regular alimony payments is that this option is much more affordable. If you don’t have a large amount of cash ready to use, you may have no option but to use this more realistic option. Another advantage is that you can adjust these payments depending on your financial situation. For example, you might choose to retire early – and you could potentially lower your alimony obligations because of your lowered income.
Where Can I Find a Qualified Divorce Attorney in Florida?
If you’ve been searching for a qualified, experienced Orlando divorce attorney, look no further than Steve Marsee, P.A. We know that the subject of alimony can be difficult to wrap your head around. The choice between lump-sum and normal alimony is just one example of how this aspect of divorce can be challenging. There are many factors to consider, and we can help you assess your options in more detail. During a consultation, we can determine your unique goals and circumstances before recommending the best possible course of legal action. Reach out today to get started.