Can Alimony Be a One-Time Payment?
When negotiating a divorce agreement, one element that has to be agreed upon is alimony. Who pays it, how much it is, and even how it’s paid must be decided upon. While most alimony agreements stipulate monthly payments for a certain amount of time, sometimes a couple agrees that it should be a one-time payment. However, this option has some pros and cons, so you will want to talk to our Chatham alimony attorneys before choosing this method.
Will My Spouse Be Awarded Alimony?
The court will look at a variety of factors to decide who should be awarded alimony and for how long. Your spouse could be awarded alimony based on:
- The length of the marriage
- The standard of living established in the marriage
- The age and health of both spouses
- How both spouses contributed to the marriage and family
Then whether or not you pay monthly for a set period of time or make a one-time payment can be negotiated.
Are There Benefits to Making a One-Time Payment for Alimony?
Making a one-time payment can seem like a good idea at first. If you do not want to worry about an alimony obligation in the future, paying it off all at once can be attractive. Now the rest of your money is for you and you do not have to worry about it going to anyone else. You also do not have to worry that any changes in your financial situation will make future payments difficult.
If you are the spouse receiving the one-time payment, this way of being paid alimony also has some advantages. This bigger payment can help you achieve a major financial objective, like going back to school or opening a business of your own. You can become more financially independent right away, instead of waiting years for these alimony payments to trickle in.
When is a One-Time Payment for Alimony a Bad Idea?
Making a one-time payment for alimony can also come with some drawbacks though. You leave no option open to change the alimony agreement later if you pay off your obligation all at once. If financial situations change or your former spouse remarries before the alimony agreement would have ended, that could make you wish that you had stuck to a monthly schedule of payments.
Should I Hire an Attorney?
It’s always a good idea to hire an attorney when negotiating a divorce agreement. You and your spouse may have difficulty seeing eye to eye on important issues, but your lawyer can help you negotiate and find common ground. We can even explore less expensive and contentious methods of negotiation, like mediation and arbitration.
Contact Our Law Firm
If you are looking for help negotiating a divorce agreement and alimony payments, contact Lazor Rantas, PC. Our experienced attorneys can advocate for a deal that works well for you.
