For many people, getting a divorce is much like letting out a big breath of relief. However, after realizing that they will have to pay monthly alimony, all of that relief can quickly disappear. Those in West Virginia who are uncomfortable with the idea of remaining connected to their ex through spousal support or who simply would like an alternative to monthly payments, a one-time payment might be a good option.
Lump sum payments for alimony are not as commonly utilized, which likely comes down to two factors. One, few people are aware of this option. Two, to make a lump-sum payment, a person must have the financial resources to do so. The second is especially important as, in general, lump sum alimony payments must equal the same amount as all of the combined future payments. In short, there is no discount for paying upfront.
But what about the recipient? While the idea of regular, monthly support can be understandably comforting, a lump sum payment might provide even better opportunities. Those who receive alimony in this manner have better opportunities to invest the money and potentially see its value grow.
A one-time alimony payment also erases the worry of heading to court over a missed payment, which is a serious concern for some people. However, family law in West Virginia can be complicated, and there is not a single solution that will be an appropriate fit for all families. As such, divorcing couples should be sure to understand their situation, finances and other relevant information before making any concrete decisions.