Alimony payments are something that come with some divorces, but not all. When you are facing the prospect of having to make alimony payments, you might wonder what options you have. In some cases, the choice might not be yours to make. Instead, the court might order the payments and payment schedule.
One of the possible ways that alimony payments are made is through monthly or regularly occurring payments. There will likely be an end date to the alimony order. In some cases, the alimony will continue as long as the payer is alive and the recipient isn’t remarried.
Another option is that you might opt to make a lump sum payment to your ex. This would mean that you have the ability to do so. The single payment would have to be equal to the payments that the person would get through monthly payments. Still, you might find the one-and-done method a much more favorable option since you won’t have to deal with your ex about the payments once you make the single payment.
It is also possible to have a lump sum payment and monthly payments all in the same order. This isn’t very common, so you should find out what purpose it will serve in your case.
If you are being asked to pay alimony, you should find out what factors are going to impact the amount you are instructed to pay. Typically, your income, your ex’s ability to support himself or herself, the standard of living in the marriage and the length of the marriage all come into the picture. Once an alimony order is made, make sure that you abide by the terms to avoid future legal troubles.
Source: FindLaw, “Avoid Alimony Monthly Payment Programs,” accessed Oct. 12, 2017