Alimony or spousal support negotiations tend to cause heated discussions during divorce proceedings. The demand of receiving monthly alimony can be annoying for the giver, which creates complications. The Harris Firm, LLC can eradicate all those complications and get into a mutual agreement. However, lump sum alimony has multiple benefits.
Wondering what the benefits can be? Find them below:
1. Eliminate Monthly Difficulties
A lump sum alimony agreement involves no monthly payments. The person getting payments doesn’t need to constantly worry about whether their ex-partner will pay on time. It eliminates the monthly difficulties that come with a divorce. Writing and getting an alimony check may cause feelings of sadness, anger, and other emotions when you need to deal with it every month. A lump sum agreement is perfect for couples who want to live happily after getting separated. With a monthly check, you can continue managing each other for an extended period after the divorce.
2. No Chance of Alimony Reduction
A paying spouse can be fully reliable and make on-time monthly payments. Still, the payments can decrease or be eliminated during the process. The alimony may be reduced if the financial condition of either one of the couples drastically changes. For instance, if the paying spouse gets a pay cut or involuntarily loses their job and has a disability/illness, which prevents them from working. The receiving spouse may get remarried, start to live with a new partner, and have a significantly increased personal income. Alimony reduction has no chance with a lump sum alimony agreement.
3. Help in Easily Starting Over
A lump sum gives peace of mind to the receiving spouse. You get a huge relief as you don’t need to immediately worry about money. It also allows you to relocate, find a new living place, buy a new car, or other items required after your divorce. A lump sum alimony payment gives you opportunities to invest your money and potentially generate higher returns than a monthly alimony agreement can generate.
The Bottomline
As now you know the benefits of a lump sum alimony agreement, you should get into it. With the help of a skilled attorney, you and your ex-partner can get into a mutually beneficial lump sum alimony agreement. Both alimony giver and taker can experience benefits through an agreement.