Rancho Cucamonga Lump Sum Alimony Attorney
What is Lump Sum Alimony?
Traditional alimony consists of multiple payments spaced out over several weeks, months or years; however long you and your ex-spouse (or judge) have agreed upon.
With approval from the courts as well as all parties involved, alimony can be paid in one lump sum rather than spaced out over a long period of time.
What are the Benefits of Lump Sum Alimony?
For Payor
Some of the reasons lump sum payments are more favorable are if the payor is concerned about missing a payment – something that comes with potentially serious consequences – or if they want to move past this part of their life and want to get rid of a monthly reminder that they used to be married. Missing payments can come with increasingly serious consequences, and if they happen frequently enough, may require a court order to ensure that they are made.
If the court holds them in contempt, they have the ability to take certain steps to compel your ex-spouse to make payments, including:
- Imprisonment for a set period of time
- Imprisonment until payments are completed
- Liens on property
- Seizure of property – like tax returns – in place of payment
- Wage garnishments
For Payee
By receiving your alimony in one lump sum, you give yourself the ability to invest the funds and potentially see its value increase into the future. It can also alleviate concerns over your ex-spouse missing an alimony payment.
Downsides of Lump Sum Alimony
One downside to receiving your alimony payments in a single lump sum is the potential tax consequences. You should consult with your attorney if you are deciding between receiving alimony through monthly payments or in one lump sum to ensure that you are making the best decision for your financial future.
Contact a Certified Family Law Specialist
Even if everything starts out simple and seemingly straightforward, divorce proceedings can quickly become contentious and complicated. No matter what happens, it’s always a good idea to hire a qualified divorce attorney to assist you throughout the whole process. At Family Law Advocacy Group, our Lawyers have been helping families secure a stable and financially sound future for almost 20 years.
Fill out the form on our website for your free case consultation, or give us a call at (909) 992-0188.
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At Family Law Advocacy Group, your satisfaction is our priority! See for yourself what our clients have to say about working with us.
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"They will work until they get the best outcome for your case."They are very caring, compassionate and understanding. Family Law Advocacy Group puts themselves in your shoes. If I could give more than 5 stars I would!- Briana Gastelum
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"Family Law Advocacy Group has been a godsend and I can't thank them enough for all that they've done."I know how difficult it is to find a new attorney to handle such personal matters in your life so I feel fortunate to have engaged them.- J Kim
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"They are very confident attorneys despite the complexity of the case and show up READY!"Family Law Advocacy Group are true professionals! They were quick to prepare on such short notice; organized, punctual and calm under pressure. They have equal amounts of empathy as they do fight.- Sari De La Cerra
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"Family Law Advocacy Group provides some of the best law services around."My attorney is responsive, thorough, and made sure I had complete understanding of my options. And, to those whom are reading this, don't go to court without him. And for those who find themselves at the opposite table of Family Law Advocacy Group, PRAY...- Darrel Gomez
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"I am so grateful to have found someone who takes interest in their clients and cares."Family Law Advocacy Group has some of the few attorneys who are very attentive to detail and what is in the best interest of their clients.- Rachel Bello