Permanent periodic spousal support is often awarded when a couple is married for many years before the divorce and the lesser earning spouse is unable to achieve a lifestyle comparable to the one enjoyed during the marriage. This is often the case when one spouse gives up a career to raise children for many years and is at a disadvantage when trying to reenter the workforce.
Payments of permanent periodic spousal support are typically made to the recipient bimonthly or monthly, typically as a supplement to the income. Permanent spousal maintenance is modifiable if there is a change in circumstances such as remarriage or a change in finances.
If offered, sometimes spouses will agree to receive a lump sum payment of spousal support instead of spousal maintenance payments. Although periodic payments make sense to supplement an income over a longer stretch of time and, these days, may make more financial sense when it comes to taxes, there are some arguments for lump sum payments of alimony to consider:
- While a spouse may have little work experience after staying how with children, they may still have a go-getter spirit and aspirations to pursue a career, which could prove to be lucrative. If they are receiving permanent periodic alimony, more than likely their ex-spouse will petition the court for a reduction in alimony payments in light of their ex-spouses newfound success.
- Sometimes, especially when couples divorce at a relatively young age, the recipient of alimony may wish to pursue romantic interests that could result in a remarriage or cohabitation. In either of these circumstances, spousal maintenance will terminate.
- Other reasons to consider a lump sum might involve a payer of alimony facing a potential reduction in income in the short term. Say for example a spouse who is ordered to pay alimony is approaching retirement age and his or her career options have dried up as their company makes way for new talent. Whether they retire with reduced income or receive a pay cut do to diminishing opportunities at work, a significant change in income will likely reduce the periodic payments of spousal maintenance.
- Of course, the death of either party stops alimony. Although a life insurance policy is in order to cover the untimely death of the payor of alimony, some recipients feel burdened by making sure the policy remains in force when they have moved on.
Questions on Lump Sum Spousal Maintenance?
Contact Experienced Lake County (IL) Divorce Settlement Attorneys for Answers
Frankly, many spouses see a lump sum as a chance to cut the ties that bind so they can just start anew. However, it is important to work with an experienced alimony attorney so that you can make a fully informed decision when it comes to your spousal maintenance or marital property division in an Illinois divorce. Contact the Lake county Illinois family law offices of Schlesinger & Strauss LLC for more information regarding Illinois spousal maintenance, marital property division, child support & custody issues or other family law concerns you may have at 847-680-4970.
