Among all the tension and stresses of divorce negotiations, it’s understandable that you might want to get all your spousal support payments done quickly and move on with your life. You might go into it hoping to pay the least alimony possible and for the shortest length of time. It’s for that reason many Minnesotan breadwinners choose to pay their ex-spouse alimony in the form of lump sums, which are more short-term but can also entail a higher cost.
However, a lump-sum payment schedule may not be your best option.
Think long-term, save long-term
If your payment schedule is more spread out, paying alimony in smaller installments, you would be paying for a lengthier time but also paying a lesser total than the lump-sum would be. This saves you money in the long run and isn’t such a massive deduction all at once from your bank account. It’s also easier to fit into many people’s tight budgets.
You may not want to think about it now, but your ex might get married again eventually. No matter how you feel about it emotionally, that could be good news for your finances. After your ex remarries or starts living with somebody else, you could be able to terminate your remaining spousal support payments. But if you opt for the lump sum, once the money is handed over to your ex, you cannot get it back.
Getting help for your spousal support questions
Spousal support and the other headaches of divorce negotiations and settlement can be confusing and overwhelming for anybody. It’s important you understand your legal options and have a Minnesota attorney who is experienced in family law to help protect your rights and see you get fair treatment under the law.