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Is lump-sum spousal support right for you?

On Behalf of | Mar 19, 2022 | Divorce

Shopping for groceries and other goods nowadays may leave you with some sticker shock. After all, according to reporting from ABC News, inflation has caused the price of many everyday items to increase faster than at any time in the past 40 years.

Having two incomes may help you combat the negative effects of inflation. Still, if your marriage is coming to an end, you may struggle to live on a single income. Pursuing spousal support from your soon-to-be ex-spouse may be the solution.

Your support options

If you want to seek spousal support, you have some options for receiving payment. While many Alabamans opt for monthly checks, others want a single payment. With lump-sum spousal support, you receive all of your alimony at once.

Your financial goals

When deciding which type of spousal support is right for you, it is important to consider your financial goals. If you want to purchase a home, further your education or invest in the stock market, a lump-sum payment may help you turn your dreams into reality.

Likewise, with a lump-sum alimony buyout, you do not have to worry about your ex-spouse’s financial circumstances. If your ex becomes unable to make monthly payments in the future, you may be thankful for your lump-sum payment.

Your personal preference

Besides the economic advantages of seeking lump-sum spousal support, there are some personal reasons you may want to ask for it. For example, you may not want monthly reminders of either your ex or your marriage.

Ultimately, because there are advantages and drawbacks to lump-sum alimony, it is important to explore all your options before deciding which is ideal for you.

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