Alimony, sometimes called spousal support or spousal maintenance, is often part of a divorce order. Judges in Florida routinely award alimony to ensure both spouses continue to have roughly the same quality of life after the end of a marriage.
If you are thinking about pursuing alimony, you have a couple options. First, you may accept monthly payments for an indefinite time. Alternatively, you may opt for a lump-sum buyout. With this approach, your spouse pays all alimony due at once. Here are four reasons you may want to accept a lump-sum payment.
1. You are thinking about remarrying
Usually, a person’s spousal support obligation ends when his or her ex-spouse remarries. If you have a new love interest or are thinking about finding one soon, lump-sum alimony may be more valuable to you than recurring payments.
2. You want to start a business or pursue an education
The end of your marriage may present you with an opportunity to live the life you want. If you are thinking about going back to school, starting a business or pursuing other passions, the major influx of cash you get with a lump-sum payment may help.
3. Your future ex-spouse is not great with money
Money issues are a common reason spouses decide to call it quits. If you know your soon-to-be ex-spouse is not good with money, you may worry about him or her staying current with monthly support payments. With lump-sum alimony, you receive your due while your spouse still has funds to pay.
4. You just want to be done
You likely have some quite legitimate reasons for ending your marriage. If you want to cut all ties with your ex-spouse and never hear from him or her again, lump-sum alimony may make sense. After all, monthly spousal support payments may serve as a constant reminder of your marriage.
Whether you want to accomplish specific goals or just want to be done with your ex-spouse, accepting a lump-sum alimony payment may be part of your overall detachment strategy. Nonetheless, like with all financial decisions, you must carefully weigh the pros and cons of a lump-sum buyout before accepting one.