If you are a woman who is heading toward an inevitable divorce, you may have some concerns about supporting yourself financially after your marriage ends. After all, according to Merrill, on average, divorced women over age 50 experience a 41% drop in household income.
Pursuing spousal support may be one way to ensure you have the financial means to thrive after your divorce. While it is not uncommon for divorced women to accept monthly spousal support payments, you may have the option of requesting a lump-sum buyout. Here are three reasons you may want to consider doing so.
1. You can lose contact with your ex
If your marriage has been rocky, you may be ready to cut your ex-spouse out of your life forever. Still, monthly spousal support checks can be regular reminders of unhappier times. With a lump-sum alimony payment, by contrast, you may be able to lose contact with your ex forever.
2. You have more certainty
Even though your soon-to-be ex-spouse is in a good position financially right now, no one can predict the future. If your former husband loses his job or falls on hard economic times, your spousal support may dry up completely. Getting your money upfront avoids this nightmarish possibility.
3. You have more cash immediately
If you want to purchase a new home, go back to school or make other pricey investments in your future, monthly alimony may be inadequate. Having a large payout immediately after your divorce, though, guarantees you can purchase whatever you need to move on with your life.
Ultimately, because lump-sum alimony is not right for every divorcing woman, you should consider all your options before deciding which type of spousal support to seek.
