One of the few matters that may exist after a couple has ended its marriage is the payment of alimony. If a Tennessee resident was ordered to pay their ex-spouse a monthly alimony sum, that payer may be accountable to their ex every month for the stipulated amount for many years. As most people want to move on after their divorces, this ongoing commitment can become burdensome and make it difficult for them to evolve.
However, there is an alternative to monthly alimony payments that may appeal to some people who are contemplating divorce. That alternative is the lump sum payment of alimony, and it involves the payer making one large payment of money from their assets to the recipient and then being released from future alimony responsibilities.
There are advantages to receiving lump sum alimony payments. For example, the lump sum should include present and future alimony support, which means that the lump sum may provide the recipient with more support than they could have received if their payments had been made over time, considering that alimony can be modified based on a payer's income. Also, a lump sum payment eliminates the needs for a recipient to need enforcement tools, as they will have no continuing alimony payments to monitor.
It is important for readers to discuss their alimony options with their family law attorneys before agreeing to pay or receive alimony in either a monthly fashion or through a lump sum payment. Factors unique to every divorce may change what is best suited to a particular case. Therefore, consultation with trusted family law attorneys can help individuals work out their questions and needs prior to taking the matter to court.