Getting divorced often means a change in one’s personal finances. If one spouse earned significantly more money than the other, he or she may be required to pay spousal support, or alimony, to the other. However, there may be other options that are still beneficial to both parties. Anyone considering a divorce here in Maryland may benefit from understanding possible alternatives to monthly spousal support.
The main alternative to alimony is paying spousal support in one large lump sum. It could be a good choice for both spouses, as the one paying will be able to do it once and move on with life, while the one receiving can opt to invest the money, making more in the long run. With this option, neither party will have to deal with any nonpayment issues in the future, circumventing a great deal of potential problems.
However, this choice isn’t as simple as it may seem. Both spouses have to agree to this option before it can proceed. Alimony is also taxed differently than other types of financial settlements, so that will have to be carefully considered with one’s overall financial picture. If two spouses decide to pursue this possibility, it may be best to have the lump sum labeled a settlement rather than spousal support or alimony. A financial professional can help determine which option will carry the greatest benefit.
A family law attorney is another professional to involve in the divorce process. Spousal support is just one part of divorce that needs to be managed delicately, with consideration for all parties involved. A capable Maryland attorney can advocate for a divorcing spouse and help facilitate a resolution that is fair to all parties.