Lump Sum Alimony Can Help Reduce Conflict During a Divorce
Unless you are trying to negotiate the terms of your divorce, it probably has never mattered to you that Florida has a whopping six types of alimony. If your divorce lawyer tells you that you will probably have to pay some type of alimony to your ex before or after your divorce is finalized, do not be scared. Do not immediately think of the last scene in Barry Lyndon, where Lady Lyndon writes a check to her estranged husband Barry after he has virtually ruined her life, and will continue to do so every year until one of them dies. Each type of alimony in Florida has its own purpose. In instances where the couple is financially entangled because of jointly-owned assets, but both spouses are easily capable of financial independence, sometimes a single installment of alimony is all you need to make you single again. Contact an Orlando, FL alimony lawyer to find out more.
The Purpose of Lump Sum Alimony
Imagine that you and your spouse are ready to make a clean break and go on with your lives as single adults. You are both gainfully employed in stable jobs and are young enough to be decades away from retirement, and you do not have children together. In other words, neither spouse is likely to need spousal support from the other; in fact, if either spouse requests ongoing spousal support payments in a divorce like this, the court is unlikely to award it. Imagine, though, that you and your spouse bought a house while you were married. A real estate property like a house is not easily divisible, which is where lump sum alimony comes into the picture.
Regardless of whether the deed to the house is registered in the name of just one spouse or both of them, Florida law considers the house marital property, because you bought the house after you got married. You have two options: one option is to sell the house and divide the money from the sale; the other option is for one spouse to buy out the other’s share in the house. The payment that the spouse makes in buying out the other’s share is lump sum alimony.
When It Isn’t Quite That Simple
Selling a house takes time, even in a housing market favorable to sellers. If you and your spouse intend to settle upon the house through lump sum alimony, it will be at least a few months before you can do so. During that time, one spouse usually assumes financial responsibility for the upkeep of the house, such as homeowners’ association fees, lawn maintenance, and mortgage payments. The other spouse pays temporary alimony to cover his or her share of the costs until the sale is final.
Contact Sean Smallwood, P.A. About Alimony Cases
Instead of a lifelong financial burden, lump sum alimony can be a relief, an important step toward freedom. Contact Sean Smallwood, P.A. in Orlando, Florida for a consultation.