If you are going through a divorce, considering whether you may be eligible for spousal support is advisable. After all, you simply may not have the financial resources to support your standard of living without some help from your soon-to-be ex-spouse.
Many New Yorkers elect to receive monthly spousal support payments. You may not realize, though, that you can request alimony in a single, lump-sum payment. While there are some drawbacks to this approach, lump-sum spousal support also has certain advantages.
If your spousal support comes in monthly installments, you have some risk of losing it. That is, due to a job loss, death or other reasons, your ex-spouse may become incapable of making support payments. With lump-sum spousal support, this is not an issue.
Making major purchases
It is not uncommon for divorcing individuals to buy new homes. If you intend to make a major purchase soon after your marriage ends, you may appreciate having access to lump-sum spousal support.
Investing your money
You also may want to have more control over your finances. If your ex-spouse doles out your spousal support monthly, you have fewer funds to invest. By contrast, lump-sum alimony gives you the power to grow your wealth.
Forgetting about your divorce
According to Psychology Today, divorce can be emotionally damaging. If you are ready to leave your divorce behind and start the next chapter of your life, you may not want regular reminders about your ex-spouse. Because lump-sum alimony comes in a single payment, you do not have to think about your ex every time your monthly check arrives.
Ultimately, because many factors go into deciding which type of spousal support to pursue, it is important to understand all your options before making your decision.