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What is lump-sum spousal maintenance?

On Behalf of | Jan 6, 2023 | Divorce

If you are delaying your divorce because of financial worries, you might want to rethink your strategy. After all, you may be eligible for spousal maintenance. According to New York law, spousal maintenance helps you continue to enjoy roughly the same standard of living you and your soon-to-be ex-spouse established during your marriage.

While it is common for divorcing spouses to request monthly spousal support payments, you probably have some other options. One of them is to seek a lump-sum payment. With lump-sum spousal support, you receive all your spousal support in a single payment after your divorce concludes.

Greater certainty

If you pursue monthly spousal support, your ex might lose his or her job and become incapable of continuing to pay you. With lump-sum spousal support, that is not an issue. Consequently, a single buyout is apt to give you a greater sense of certainty about your finances.

More spending power

You might want to make major changes in your life soon after your divorce becomes final. Major changes, though, can be expensive. Simply put, with lump-sum spousal support, you might have more money at your disposal immediately.

Fewer reminders

If you and your soon-to-be ex-spouse are not on particularly good terms, you might never want to hear from him or her again. While monthly spousal support payments can act as near-constant reminders, lump-sum alimony allows you to cut ties.

Ultimately, because lump-sum spousal support is not right for everyone, you should be certain you fully understand all your options before making any decisions.