If you have had two incomes during your marriage, living on one after your divorce may seem virtually impossible. This is especially true if you earn substantially less than your soon-to-be ex-spouse. Fortunately, according to Texas Law, you may have grounds to seek spousal support.
Commonly called alimony, spousal support is money one spouse pays to the other after a divorce. While most divorcing spouses pursue monthly alimony payments, it may be possible to request lump-sum alimony.
A single buyout
With monthly spousal support, you receive regular payments from your future ex-spouse. This is not the case with lump-sum alimony, though. Indeed, lump-sum alimony gives you a single payment, likely immediately after your divorce becomes final.
More buying power
The end of your marriage may require you to buy a new home, purchase a car or go back to school for a degree. Each of these can be expensive, though. If you have lump-sum alimony, you may be in a better position to buy what you need to begin the next chapter of your life.
A new future
If your marriage has been an acrimonious or bitter one, you are probably itching to say goodbye to your soon-to-be ex-spouse forever. Yet, if receive monthly support payments, you are in store for regular reminders of unhappy times. You do not have that problem with lump-sum spousal support, of course.
Deciding which type of spousal support is right for you is not something you should take lightly. Ultimately, discussing alimony with your divorce attorney ensures you have access to the information you need to make the correct decision.