There are a lot of unknowns for Maryland couples going through a divorce. One of the most stressful things to figure out are how finances will work after the divorce ends, especially if you have to consider things like alimony or child support.
Alimony might sound like a nightmare to some people, especially every month. If you don’t think you can afford monthly alimony payments, you may have other options.
How is alimony determined?
A spouse can petition for monthly alimony payments to help them make ends meet for a period after the divorce. Usually, the person who served as the primary homemaker will ask for alimony payments while they establish their career again.
Other times, alimony might be awarded as a way to recover from emotional or financial damages from the marriage. For example, if the reason for divorce is cheating or dishonesty, alimony payments might be tacked on.
How can I avoid monthly payments?
You may be able to avoid giving monthly payments by paying the alimony amount in one lump sum. The court and your soon-to-be ex will have to approve the amount, and it will have to equal the total sum of future monthly payments.
If you are ordered by the court to pay alimony, you can’t avoid paying it altogether. And petitioning the court’s decision might be just as expensive.
Should I give a lump sum alimony payment?
There are plenty of reasons to consider lump-sum payments. The spouse requesting alimony often gets more, and it can minimize future contact between the divorcing persons.
But there are consequences. In addition to the extraordinarily high amount that lump-sum alimony payments would be, your spouse may have to pay taxes on that amount.
Regardless of what you decide, researching all of your options for paying alimony is an important step in a divorce. If you have the savings and money to give a lump sum payment, it might be worth it.