Now that you and your ex are a thing of the past, you might be ready to be done with having to deal with your ex. This is completely understandable, but if you have children together, it isn’t likely possible. If you don’t have children together but you will have to pay alimony, you might be able to cut ties to your ex faster if you pay alimony in a lump sum payment.
There are benefits to you and your ex when it comes to this arrangement. For you, there won’t be any monthly payments to worry about. Instead, you will make one payment to your ex and be done with it. This can also benefit your ex because he or she won’t have to worry about whether you will make the payments each month or not.
One point that is interesting here is that alimony payments usually stop if your ex gets married again. If you make a lump sum payment, you won’t have to worry about your ex not getting married just to get money out of you. Instead, you will have made your single payment and what your ex does with it is up to him or her.
If you think that you might have to pay alimony, you should find out how the lump sum payment and monthly payments will affect you on taxes and in other ways. This might be a huge consideration. Another consideration is how much of a burden paying a lump sum would be on you. Carefully think about these points before you make any decisions about how you would like to approach alimony.
Source: FindLaw, “Avoid Alimony Monthly Payment Programs,” accessed Dec. 23, 2016