When a marriage comes to an end, logistics can become complex and things can get ugly. Every family and situation is unique, so no one case will be the same. In some instances, one spouse will end up paying alimony to their ex for some time. Alimony payments will be ordered by the court. However, some options can be requested by the couple that a judge may allow, such as a one-time, lump-sum alimony payment. If you are filing for divorce and need representation, contact a Union County alimony attorney to work with a knowledgeable lawyer.
What is Alimony?
Alimony, also referred to as spousal support, is court-ordered payments that one spouse owes to the other during and/or after divorce proceedings. Alimony can be required for a variety of reasons. A spouse may request alimony:
- If they were financially dependent on the other during the marriage
- To compensate for their lower net worth/earning potential
- If they supported their ex financially while they went to school
- To maintain a similar lifestyle that they became accustomed to during their marriage
There are innumerable reasons why alimony may be considered during a divorce.
What Types of Spousal Support Exist?
There are several types of spousal support, including:
- Temporary
- Refers to spousal support during the process of divorce.
- Open duration
- Also known as permanent alimony, it has no set end date and is typically required with marriages that lasted longer than 20 years.
- Rehabilitative
- This can be ordered while the receiving spouse goes to school or training that will allow them to eventually gain employment and financial stability.
- Limited duration
- Refers to more short-term alimony typically granted after a marriage that did not last for a significant amount of time, where an open duration alimony is probably not appropriate.
- Reimbursement
- This type of alimony is paid when a spouse supported the other while they went to training or advanced education to increase their earning capacity.
The dollar amount of alimony will always vary from case to case.
Is It Better to Make a One-Time Alimony Payment?
In reality, the best payment situation is going to depend on your individual circumstances and the relationship you have with your ex-spouse. Typically a judge will order alimony in monthly installments, however, in extenuating circumstances, alimony can be paid into a trust account or in one lump sum.
The lump sum payment can take the form of cash or other assets like property as long as all parties are in agreement. This option may be more attractive as it removes any concern about missing monthly payments and the spouses will not have any further obligations to each other. However, if you do decide to go this route there will be no room to request an adjustment of payment later on if needed. There could also be tax consequences depending on the amount of alimony and whether it is paid in cash or physical assets. Like any family, your divorce case and alimony settlement are unique to you and your partner. Explore all potential options to find out which alimony plan would suit you best.
