Many alimony awards take on the common form of one person paying to their former spouse monthly payments of money. These payments can go on indefinitely or they may end after a certain amount of time or the achievement of self-sufficiency for the recipient party. However, in some cases, New York couples may resolve their spousal support matters with a different form of alimony payment. Rather than paying support over time, they may agree to a lump sum award.
A lump sum alimony award is effectively what it sounds like: a single payment that encompasses the entirety of the support relationship between two divorcing parties. When a lump sum payment is made, the alimony relationship is over and the spouse who pays is not required to provide their ex with more financial help.
Not all divorce proceedings will accommodate lump sum alimony options. For instance, a paying party may not be able to provide the entirety of their alimony obligation at once in the wake of their divorce and may need to spread their payments out over time through the standard alimony option. However, those who are able to settle their alimony options through lump sum payments may find that they are able to move forward with more ease and without the burden of ongoing payments.
It is important for readers of this blog to undertake their own investigations into their own divorce and alimony options. Lump sum payments may not serve the needs of all couples and the guidance of a divorce attorney can help a person understand if they should fight for this possible form of support.