You and your spouse control a fair amount of assets in Collin County, but your spouse doesn’t actually work. You know that you are going to be ordered to pay alimony during your upcoming divorce.
You’re not thrilled about it, but not for the reasons most people cite. You don’t care about the money. You have plenty. You just don’t want to make those monthly payments.
For one thing, what if you miss a payment? You don’t want to get into legal trouble for a simple oversight, for just forgetting to mail a check. You don’t want it to look like you’re falling into debt, which may not be good for your business.
More than that, though, you just don’t want to have to deal with your spouse every month. If the marriage is over, it’s over. You just want to be done with it. You want to move on. The two of you don’t have any kids, so you can really go your separate ways, and you’re not interested in spending the next five years connected to your ex.
One potential solution is to use lump sum alimony. It is exactly what the name implies: You figure out the total that you’ll owe, you pay it all at once in a lump sum and you’re done. For instance, if you were going to pay $6,000 per month for five years, you could just pay a lump sum of $360,000 and be out.
Lump sum alimony isn’t for everyone, but it does help show why it’s so important to know all of your legal options.
Source: FindLaw, “Avoid Alimony Monthly Payment Programs,” accessed July 13, 2017