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Can I pay alimony in a lump sum?

Divorces in West Springfield sometimes involve a spouse being ordered to pay the other spouse alimony, also referred to as spousal support. Even if the payer spouse has come to terms with the agreement, sending a check to their former spouse every month could be an unpleasant reminder of a failed marriage.

If the payer spouse can afford it, paying alimony in one lump sum could be a better solution than making monthly alimony payments. Besides the emotional benefits of being able to move on more quickly, there are financial benefits as well. A spouse who pays alimony in one lump sum will have no risk of missing a monthly alimony payment later on. Failing to make monthly alimony payments on time can have serious legal consequences.

Before a judge can approve a lump sum alimony payment, both spouses have to agree on the financial arrangement. The recipient spouse may like the idea of receiving a lump sum payment because they could use the money for an investment. However, the recipient spouse should carefully evaluate any tax consequences they could face before accepting a lump sum alimony payment.

Every individual's financial situation is different, so the ideal arrangement for the payment of alimony will differ from person to person. Therefore, the information presented here in this blog is not meant to be legal advice for a person going through a divorce. A person who has been ordered to make alimony payments to their former spouse may want to speak with an attorney. After evaluating all of the factors involved, an attorney may be able to advise a former spouse as to whether they should pay alimony each month or in a lump sum.

Source: Findlaw, "Alimony", November 18, 2014

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