Reaching an agreement about monthly alimony payments can be a challenge in any divorce. If you expect to receive spousal support following your divorce it’s smart to understand everything you can about the possibilities, problems and potential alternatives to monthly payments.
Here are some of the basics that you should know as you enter negotiations.
What are the dangers of agreeing to monthly alimony payments?
The idea of receiving monthly spousal support payments from your ex may seem ideal. You take a gamble when you agree to this, though. Your former spouse may become sick, get laid off from their job, lose everything in a lawsuit or die. A Kentucky judge may reduce your ex’s support obligation or eliminate it depending on the circumstances, which could mean that you never end up seeing what you were expecting in your case.
What are the alternatives to monthly alimony?
You may find it best to request a lump sum spousal support payment instead of smaller monthly ones.
One positive associated with accepting a lump sum is that it allows you to receive a larger amount at once. You may be able to use it to purchase a home or other costly items outright. You also don’t have to worry about your payments drying up if something unpredictable happens to your ex down the line.
A big downside to accepting a lump sum alimony settlement is that you’ll likely have to pay taxes on what you receive. You may be able to avoid paying these hefty taxes if your lump sum qualifies as a settlement.
Another alternative to monthly alimony payments may simply involve a different property division. You may be able to request additional assets in settling your divorce in exchange for not receiving alimony.
Why you shouldn’t try settling your divorce on your own
It’s difficult to champion your interests in a divorce entirely on your own. A high-asset divorce attorney has experience working with couples with the means necessary to fund alternative settlement options that may work out better for you than the obvious solutions.