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What should you know about alimony after your divorce?

Florida readers know that money is one of the most contentious issues in a divorce. From dividing marital debt to paying alimony, you likely have serious concerns about what the end of your marriage will mean for your post-divorce financial stability.

It is normal to have these fears, and it can be helpful to understand your potential obligations after your divorce is final. If you do not want to pay alimony or are wondering if there are other choices available instead of monthly alimony payments, you may have other options. It is useful to seek a full understanding of your choices before you make any important decisions that could impact your future.

The straight facts about alimony

Alimony is common for divorced couples in which one partner made less money than the other. Perhaps one party stopped working to take care of the kids or stopped pursuing career advancements so that the other one could climb the ladder at his or her place of business. If you made more than your spouse for most or all of your marriage, the thought of paying alimony for years to a former spouse could be a rather frustrating thought.

You may worry about missing a month or two of payments or about what regular payments could mean for a remarriage. Whatever your reason may be, you have the right to understand what other options could be available to you. Consider the following about alimony: 

  • Instead of paying monthly installments for an extended amount of time, you may be able to offer your spouse a lump sum payment.
  • There is no set standard for an appropriate amount paid to your spouse. The amount depends on your income, your spouse's income and other individual factors.
  • Both your spouse and the court will have to approve a lump sum payment instead of regular payments.

You may think that your spouse would never go for a lump sum amount, but this may not necessarily be the case. Often, a lump sum payment could be more palatable than receiving money over an extended period of time.

Things to consider

Ultimately, there are things for both parties to consider when working through issues regarding alimony. From the possibility of offering a lump sum payment to accepting one, there are both benefits and consequences to both sides. If you do not want to pay alimony after your divorce, you would be wise to fully understand the implications of a lump sum payment before you move ahead with this offer.

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