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This can be done in the form of a cash lump sum payment, or through marital property division.
In a cash lump sum, the spouse paying the alimony will write one check for the entire amount he or she will owe to the dependent spouse.
By doing this, you may save yourself from having to make alimony payments.
Be sure to keep an open line of communication between yourself and your spouse. That way, you will have an edge on the situation; just be sure to get the help of a mediator or attorney who will help negotiate a fair settlement.
In marital property division, one party agrees on giving up a portion of whatever assets they are entitled to over to their spouse in lieu of paying alimony.
If you choose to take this route, consider a few things before any decisions are made.
You’ve likely already made some major changes in light of your divorce.
To avoid this financial conundrum, consider downgrading – a lower paying job, for example, may be the way. You will need to carefully plan and budget your way through, but a little work and help from friends and financial gurus will save you a lot of headache about alimony.You can instead consider creative ways to keep your spouse satisfied without the need to make alimony payments.When negotiations take place, consider offering them a larger share of marital assets, larger chunk of retirement accounts, or even the marital home.Lump sum payments, sometimes called buyouts, lump sum alimony, or spousal maintenance buyout, is the payment of alimony in one lump sum.Instead of getting periodic payments made over a designated time frame, the spouse on the receiving end is given one large payment.