When you are going through a divorce, the subject of alimony might come up. Normally, this is reserved for long-term marriages and those with some specific circumstances. The goal of alimony is usually to help support a spouse until they are able to get on their feet. In some cases, this is because the person was a stay-at-home spouse and doesn’t have the workforce experience that would allow them to support themselves right away.
For the most part, alimony orders will have a definite end date. There are few cases in which alimony will be paid forever unless the paying person dies, or the recipient gets remarried. If alimony is a consideration in your divorce, there are two primary options regarding how the payments might be handled.
Many support payments to your ex are made on a recurring basis, usually in conjunction with the paying person’s payday. This means that you will have some form of contact with your ex at regular intervals until the payments stop.
The other option is a lump sum payment. If you have the financial backing to do this, you might find that it is beneficial for you to pay it in this manner. You won’t have to worry about future payments. If you are the recipient, this might provide you with a monetary boost when you need it the most.
There are many considerations for both sides to think about when they are trying to decide what to do. These include the tax implications and other financial points, so be sure to think about all of these before you make a decision regarding the support.