It can be hard to make ends meet after a divorce, as divorced individuals often must adjust to living on a single income. Luckily, according to Minnesota law, after considering certain factors, judges can award spousal support to either party. During out-of-court settlement negotiations, you also can bargain for it.
While monthly payments are probably the most common way to receive spousal support, you likely have some other options. One of them is seeking a single, lump-sum buyout. While lump-sum alimony is not the right choice for every divorcing person, it does have some benefits.
Even if your marriage is ending amicably, you are probably ready to start the next chapter of your life without your soon-to-be ex-spouse in it. Monthly alimony checks, though, may constantly remind you of unhappier times. You do not have that problem with lump-sum alimony.
After your marriage ends, you may need to make some big-ticket purchases, like a new home or car. If you want these items immediately, saving for them may not be appealing. A lump-sum alimony buyout can give you quick access to considerable resources.
Eventually, your soon-to-be ex-spouse may suffer an injury, lose a job or otherwise become financially incapable of making ongoing spousal support payments. If that happens, you may be out of luck.
With lump-sum alimony, though, you protect your financial interests by getting the money when your husband or wife has the ability to pay. Ultimately, if accepting lump-sum spousal support appeals to you, you should talk to your attorney about how to structure it.