If you are going through a divorce, you may worry about your ability to live on a single income. Fortunately, Florida law allows divorcing spouses to pursue spousal support. If you qualify for alimony, though, you may have to decide whether to take monthly payments or accept a single, lump-sum buyout.
There are many arguments both for accepting and rejecting lump sum alimony. Consequently, if you are thinking about pursuing spousal support, you should carefully consider the advantages and drawbacks of each type. Still, here are a few reasons a single payment may make sense.
Your access to resources
According to reporting from the NBC News affiliate in West Palm Beach, home prices in the Sunshine State have jumped by as much as 40% in the last year. If the end of your marriage means finding a new place to live, lump sum alimony may give you a nice down payment.
Your ex-spouse’s ability to pay
Even if your soon-to-be ex-spouse has the ability to pay monthly alimony now, things may change in the future. For example, your ex-spouse may lose his or her job or suffer an injury. Getting your alimony upfront probably takes care of this issue.
Your willingness to remember
Even though you may have some good memories from your marriage, you also have some valid reasons for calling it quits. With monthly alimony payments, you receive regular reminders about your ex-spouse. Accepting a lump sum buyout, though, may permit you to stop thinking about him or her.
Ultimately, once you determine how a single alimony payment either fits into your post-divorce goals or clashes with them, you can make the right financial decision.