Divorce can be hard on both spouses financially, but it often takes a more extreme toll on the financial well-being of women. In fact, according to the American Academy for Certified Financial Litigators, the average household income for women over 50 drops by roughly 40% after divorce.
If you have concerns about your ability to pay living expenses after your marriage ends, you should consider looking into spousal maintenance, commonly called alimony. While it is possible to request monthly maintenance payments, Florida law also permits lump-sum alimony.
What is lump-sum alimony?
If you qualify for spousal maintenance, lump-sum alimony gives you everything you are due all at once. This means rather than receiving ongoing payments, you get a large check soon after your divorce becomes final.
What are the advantages of lump-sum alimony?
Lump-sum spousal maintenance has some obvious advantages you may want to consider. For example, with lump-sum alimony, you do not have to worry about your ex-spouse becoming financially unable to pay you in the future. You also have access to more money to use on pressing expenses, such as a down payment on a new home.
What are the drawbacks of lump-sum alimony?
If you have trouble conserving money, requesting lump-sum alimony might be a mistake. That is, you might blow through your lump sum, causing you to struggle down the road. Likewise, lump-sum alimony might disqualify you from receiving public benefits, student financial aid and even some tax breaks.
Ultimately, to be certain you make the right choice, it may be beneficial to consult with attorneys and financial planners before deciding which type of spousal maintenance is right for you.