Though it's probably not nearly as prevalent as it used to be, alimony (spousal support) is still a part of a good many divorces. There is more than one way to be paid alimony, though, and it pays to know about them. Read on and find out more.
Certain circumstances may call for this form of support when a couple parts ways. While alimony is not an automatic divorce provision, if the needing party falls into the below categories, it might be ordered:
- Unable to work due to health or mental health issues.
- Older and unable to find employment.
- Unable to attain employment due to having small children or special needs children to care for.
How Alimony Is Paid
If it is ordered by the judge, alimony may be either permanent or rehabilitative. Rehabilitative alimony may cover a period of time that allows the receiving party to obtain job training, complete secondary education, or complete other actions. Permanent alimony is paid until the receiving party marries or the ordered party dies. Either of the two types of alimony may be paid by regular payments. Another, somewhat uncommon, way to be paid alimony is by lump sum.
Buy-outs (Lump Sum) Payments: What To Know
This way of being paid alimony is more immediate. The providing party may have the option to buy out the other party. That means a certain lump-sum payment is made to the receiving spouse rather than regular payments. To make this type of scenario work, the following should be considered:
- If the receiving party plans to remarry, getting paid upfront might be preferable.
- The fast infusion of cash can be extremely helpful for those who need to make major purchases right away. For example, a home may be bought with a lump-sum payment.
- Keep in mind, however, that many paying spouses are unable to afford such a payment. Since alimony payments are part of the entire divorce settlement, property may also be used in lieu of cash to make up the lump-sum payment.
- The receiving spouse can achieve instant closure with no need to associate or deal with their ex after the payment if they so desire. It also forestalls issues in the future with spouses that may lose their job or become ill and are no longer able to pay.
If you feel you deserve alimony, don't hesitate to speak to your divorce lawyer. It can be made to happen before you are even divorced. Contact a law firm like Price Law Firm, P.A to learn more.