What Are The Pros And Cons Of Lump Sum Alimony In Orlando?
Most people who consider alimony, also known as spousal support in Orlando, think about the monthly payments made from one spouse to another during and/or after a divorce. Monthly alimony payments are also known as periodic alimony, but this is not the only type of spousal support ordered by family law judges during divorce proceedings. Lump sum payments can also be awarded.
Lump sum payments are exactly what they sound like. Instead of one spouse paying another monthly payments over a certain period of time, spousal support is paid in one lump sum. Usually, the lump sum is paid during divorce proceedings, or soon after the divorce is final. Lump sum alimony has benefits and disadvantages for both the recipient and the person paying it. Below, our Orlando spousal support lawyer explains more.
Pros and Cons of Lump Sum Alimony for the Payer
The main benefit payers reap from a lump sum alimony payment is that they do not have any future legal obligation to their former spouse. In some cases of periodic alimony, spousal support payments can continue on for years, which can become frustrating, particularly if the two parties are not amicable. However, there is a reason that people who have to pay alimony often balk at the idea of paying a lump sum.
Lump sum spousal support is obviously going to cost the payer more all at once, instead of having more affordable payments spread out over a certain amount of time. For many people, this simply is not affordable. In some cases, people have even had to take out loans to pay the lump sum, which can make spousal support cost even more once interest is added to the principal amount.
Pros and Cons of Lump Sum Alimony for the Recipient
Lump sum spousal support payments make sense for recipients when their spouse is unreliable and there is a chance they will not receive support in the future. While some people have trouble paying lump sum alimony, others find it more challenging to have to make a payment every month. When this is the case for a former spouse, a lump sum payment is reasonable. Lump sum spousal support can also provide recipients with a significant amount of money in the immediate future.
Unfortunately, the immediate nature of lump sum spousal support is also the biggest drawback for some recipients. Individuals who find it difficult to manage money, or that may find having a large amount in their bank account too tempting, may find periodic alimony payments meet their needs now and in the future.
Our Spousal Support Lawyer in Orlando Can Advise on Your Case
If you are going through a divorce and need to ask for alimony or defend against demands for it, our Orlando spousal support lawyer at Anderson & Ferrin, P.A. can provide the sound legal advice you need. Call us now at 407-412-7041 or contact us online to schedule a free initial consultation and to learn more about how we can help.