Should you take a lump-sum alimony payment?

On Behalf of | Sep 27, 2019 | Alimony |

Alimony, also called spousal support, is a thorny issue in Florida. In the last several years, there’s been a concentrated push to revise the rules in ways that would sharply limit the kind of alimony that dependent spouses are entitled to receive. In addition, changes in federal taxation laws have made alimony a more substantial burden on payers than it may have been in the past (when it was tax-deductible).

This has many dependent spouses thinking about ways to mitigate their risks going forward — and that has made lump-sum alimony payments much more attractive than they once were.

While both men and women can obtain alimony, the reality is that women are typically the lower-earning spouses in a marriage. Many women still split their energies between raising a family and building a career — a fact that often puts them at an economic disadvantage in a divorce. Women who have been out of the workforce for a long time are particularly unlikely to be able to support themselves without some kind of alimony.

If you’re considering a lump-sum alimony payment from your ex-spouse, here are the major advantages:

  • You can, with the help of an experienced financial advisor, make investments that will provide for your needs far into the future.
  • You don’t have to worry that your ex-spouse will lose his (or her) job and leave you suddenly bereft of an income.
  • You won’t have to worry about chasing down what you are due if your ex-spouse decides to be difficult about monthly payments.
  • You won’t need to be concerned that changes in the law will provoke your ex-spouse into taking you back to court to revise your agreement.
  • You won’t need to worry that changes in your relationship status or financial state will suddenly end your support.

Naturally, there’s no one “perfect” solution for everybody. In some cases, a lump-sum alimony payment wouldn’t be a good idea. If you’re considering such a deal, make sure that you discuss your alimony options with an experienced attorney.