If a judge declares that you owe alimony payments to your ex-spouse, this can sometimes feel frustrating and overwhelming. There are several reasons that you may want to seek an alternative to monthly payments. Not only can there be severe penalties for missing payments, but you may want to cut any ties that remind you of your previous marriage.
We understand how the law applies to alimony payments and have helped many of our clients with their spousal support cases.
Lump-Sum alimony payments
According to FindLaw, one alternative to monthly spousal support payments is a lump-sum alimony payment. Michigan is one of the states that allow this option. Instead of paying alimony every month, you can pay your ex-spouse a lump-sum instead. Essentially, you are taking care of the balance owed for the alimony all at once instead of spreading it out over many years. If you would like to pursue this option, the lump-sum amount will likely be something that both the courts and your ex-spouse approve of.
Benefits of lump-sum alimony payments
Paying all of your alimony at one time can help you get on with your life, as opposed to having a constant reminder of a less-than-successful marriage. Additionally, when you pay your alimony all at once, you do not have to worry about missing payments in the future, or budgeting another bill every month. Your ex-spouse may take you back to court if you miss payments, which will cost time and money. You can avoid this with a lump-sum alimony payment. More information about this topic is available on our web page.