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Can Alimony Be a One-Time Payment in New Jersey?
Alimony, also called spousal support or spousal maintenance, is a monetary award a court in New Jersey may give one spouse in a divorce when there’s a substantial financial discrepancy between divorcing parties. Essentially, this type of financial support is granted to a dependent spouse to maintain the quality of life they were accustomed to during the marriage. The court will consider several factors to determine how much the support will be and how long it will last. In most cases, this support is paid out on a monthly schedule. However, there are instances where a couple may opt for a lump-sum payment. Please continue reading to learn the benefits of a one-time alimony payment and how our proficient Ocean County Alimony Attorney can help you decide if lump-sum alimony is the best way to go for your particular needs.
What is a Lump-Sum Alimony Payment?
When the court orders alimony, the higher-earning spouse usually pays monthly installments to the lower-earning spouse over a predetermined period. This is known as monthly alimony. However, in some cases, the paying spouse can choose an alternative to monthly alimony payments following a divorce. A lump-sum alimony payment is a one-time payment that is equivalent to what would otherwise be monthly payments. Essentially, it’s a single payment that fulfills the paying spouse’s entire alimony obligation. It’s crucial to remember that the judge must sign off on delivering the alimony payment in a one-time payout.
What Are the Benefits of a One-Time Alimony Payment in New Jersey?
One of the many advantages of lump-sum alimony is avoiding a drawn-out obligation to the other spouse. By paying the dependent spouse immediately, you can avoid monthly communications and start afresh following the divorce. The payee will receive substantial money upfront, meaning they will be guaranteed their alimony payment. With a drawn-out monthly payment, the paying spouse may miss or fail to uphold their obligation, meaning the recipient won’t receive the funds entitled to them. However, with a lump-sum payment, the payee will have the certainty that they’re receiving the entirety of their alimony payment.
Moreover, another significant benefit of lump-sum alimony is that you can avoid any issues with the paying spouse’s future employment. Alimony payment agreements can change over time if the financial circumstances of either party drastically change. For instance, if you receive alimony payments and your former spouse has reduced income due to a job loss, then the existing alimony order may change, and the amount of alimony you’re entitled to receive will decrease. With a lump-sum payout, you don’t have to worry about a change in circumstances as it will not impact your payout amount as it has already been produced.
As you can see, there are numerous benefits to opting for lump-sum alimony. However, every couple is different, and a one-time payment isn’t appropriate in some cases. Therefore, it’s in your best interest to contact a trusted Ocean County alimony attorney from the Law Office of Sarina Gianna, LLC, who can help you determine whether lump-sum alimony is right for you.
