Should you offer your spouse a lump-sum alimony payment?

You want a divorce – and you fully anticipate paying at least some alimony to your spouse. Even though you weren’t married very long, you make significantly more than your spouse and you know that Connecticut’s alimony statute doesn’t set a minimum time on a marriage before alimony is permitted.

If you have the money to do it, a lump-sum alimony payment might be the best way to handle the situation.

Why is lump-sum alimony a good idea?

Unlike regular alimony that is paid monthly, yearly or at some other interval, a lump-sum alimony payment is meant to be “one and done” (although it can be broken down into several payments, by agreement).

For both parties, the obvious advantage is that you get to be done with your financial ties about the same time you’re done with your marriage, and that alone can be a blessing. The benefits don’t stop there, however. Lump-sum alimony means:

• Your spouse may have an easier time affording their new residence, which can facilitate the division of your household goods and lead to a faster physical separation.
• After your divorce, your ex will not have to worry that any changes in your fortunes (like illness or job loss) will disrupt their payments.
• Your ex will also not have to worry about losing their alimony if they move on with a new relationship and start to cohabitate with another romantic partner.
• You don’t have to worry about your ex asking for increased alimony based on negative changes to their financial situation.

Often, decisions like these are best made after a long consultation with a financial advisor, but it helps to understand that you do have legal options when you’re going through your divorce.