On behalf of North Tampa Legal Group posted in alimony on Thursday, October 11, 2018.
Most people in Florida are familiar with spousal support in the form of monthly payments. Few realize that there is another approach to dealing with alimony. For those who feel uncomfortable signing a check to their ex-spouse every month, a lump sum payment could be a good option.
There are multiple benefits to paying off alimony through a single payment after divorce. Not only do some people find it more comfortable than sending off money to their ex on a monthly basis, but it is also helpful for those who struggle with keeping track of their finances and which bills are due when. Missing an alimony payment could potentially land a person in legal trouble, so a lump sum erases that worry. However, payers do not get a discount for this method, and must still pay the appropriate amount.
Although the idea of money coming in every month might sound nice to recipients, there are benefits on their side of things, too. In general, money in hand is more valuable than money coming in the future. Receiving everything upfront means that individuals have an opportunity to save and invest the funds, meaning that the lump sum might actually be more valuable overall.
Alimony is an important part of Florida family law, so understanding how it works and the different forms it can take is important. In many cases, the typical approach of making monthly payments will continue to be the best choice. However, those who are curious about their options may want to consider seeking guidance from an experienced attorney.