Which is Better After Your San Francisco Divorce: Alimony Payments or a Lump Sum?
Your ex-husband’s income was high enough during your marriage that you didn’t have to work outside of the home and were able to take care of your children. Although being a stay-at-home mom was extremely valuable, it took away your chances of earning a living for yourself. Now that you are getting divorced, relying solely on your husband’s income has you worried. If you are awarded alimony, you may have the option of getting a lump sum or receiving payments. Here, a San Francisco divorce attorney discusses which could be better for you.
Lump Sum Benefits
Lump sum payments are often beneficial because the future is uncertain. If your husband’s job falls through, he may not be able to pay you anymore. Additionally, the payments depend on his ability to be well enough to continue to work and make a good income. If he becomes ill or you outlive him, your payments could stop. And it’s not unheard of for business owners to destroy their businesses or alter documents to prevent having to pay alimony. Taking a lump sum could prevent this from happening to you.
When you receive a lump sum, it is up to you to make the money last. If you aren’t good at creating a budget, you could run out, and without a job, you may not be able to support yourself. Receiving the money in payments is a way to avoid this issue. It also may be the only option for some, as lump sums are typically only an option if sufficient assets are there during the divorce.
Every situation is different, and an experienced attorney can help you decide which option is best for you. Contact the Law Offices of Paul H. Nathan today to speak with a San Francisco divorce attorney about your situation.
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