Lump Sum Alimony: A Quick Way to Get Rid of Your Ex
Unless you are talking about lottery winnings, the phrase “lump sum” usually does not have very good connotations. Collection agencies often try to entice you to get them off your case by paying a lump sum that is less than the amount you originally owed. In other contexts, lump sum is just a euphemism for “No, you can’t pay installments; you have to pay us the whole amount now.” What is lump sum alimony, then? Is it where you empty out all your bank accounts and give the money to your ex-spouse, then have to build your life’s savings back up from zero? When you consider its Latin name, in solido, it sounds even worse. In fact, lump sum alimony is one of the sweetest deals you can get, unless, of course, you get to pay no alimony at all. If you are planning to divorce and want to know what kind of alimony you can expect to pay, contact a Palm Beach County alimony lawyer.
Lump Sum Alimony: An Easy Solution for Some Couples
Lump sum alimony is one of the six types of alimony recognized by Florida law, but it has more to do with the equitable distribution of marital assets than it does with continued maintenance of the financially disadvantaged spouse by the wealthier spouse. Courts usually order it when dividing a marital asset that is technically indivisible, such as the marital home. If one spouse continues to reside in the marital home, but it would be unfair for the other spouse to leave empty-handed, the judge might order the spouse that keeps the house to pay the other spouse an amount equivalent to half the value of the house, effectively buying out that spouse’s share of the house. Despite the term “lump sum,” the spouse that keeps the house might actually pay the amount in installments, but once the recipient spouse receives the amount ordered by the judge, the paying spouse’s obligations end.
You might not be happy about paying your ex $80,000, but it is better than paying your ex $1,500 per month until one of you drops dead or he finds another fool to marry. For many couples, it feels like making a clean break. Once your lump sum alimony obligations are fulfilled, your ex is no longer in your life.
Are You Eligible for Lump Sum Alimony?
Lump sum alimony is not applicable in all divorces. When it is applicable, it might not get you out of paying monthly spousal support in addition to the lump sum. After a long marriage, you might still have to pay monthly spousal maintenance, temporarily or permanently, if there is a big discrepancy between your current income and earning potential and that of your ex-spouse.
Contact Us Today for Help
Contact a lawyer to find out if lump sum alimony can make the division of property simpler in your divorce. Contact the Boca Raton divorce attorneys at Schwartz | White about your case.