What are the benefits of lump-sum spousal support?

On Behalf of | Nov 11, 2022 | Divorce |

Even though you probably thought you would be with your spouse forever, you also know how common divorce is for Americans. In fact, according to the World Population Review, the U.S. has the sixth-highest divorce rate in the world.

Because divorces happen frequently, the state has an interest in ensuring both spouses can survive financially. As a result, Ohio allows either divorcing spouse to pursue spousal support. While this usually involves receiving monthly payments, it is possible to negotiate a single payment.

Do you want to leave your ex’s memory behind?

If your marriage has been bad and your divorce bitter, you might never want to hear from your ex-spouse again. Monthly spousal support checks, though, can remind you of your unhappy marriage and stressful divorce. You do not have that problem when you get all of your money immediately, of course.

Do you need to make a major purchase?

After your divorce concludes, you may need to purchase a new place to live. You also may need a car or higher education. Regardless of your dreams, getting all your spousal support in a lump-sum payment may increase your chances of turning them into reality.

Do you have faith in your ex’s ability to pay?

Even though your soon-to-be ex-spouse may be in a great place financially now, he or she may become considerably worse off in the future. If that happens before you receive all your spousal support, you may wind up with less than you deserve. Lump-sum alimony takes care of this risk.

Ultimately, while there are some downsides to taking lump-sum spousal support, it is probably worthwhile to think about whether it is a good fit for your post-divorce future.