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3 good reasons to consider lump-sum alimony

If you are going through a divorce, you might have some well-founded fears about being able to support yourself financially on a single income. This is where alimony can be helpful. Indeed, provided you qualify for it, alimony can help you maintain your current standard of living.

According to Michigan law, alimony is appropriate when it is necessary for the suitable maintenance of one spouse. While it is not uncommon for individuals to accept ongoing alimony payments, you also can request a lump-sum buyout. Here are three reasons you might want to do so.

1. Making big purchases

Divorce often comes with big changes. If you intend to relocate, go back to school or make other major purchases, you are going to need some serious cash. Because you get all your alimony up front with a lump-sum buyout, accepting one might give you the ability to make big purchases soon after your divorce.

2. Saying goodbye to your ex

You obviously have some genuine and valid reasons for no longer wanting to be with your spouse. If you get monthly alimony checks, you might not be able to forget about him or her. With a lump-sum payment, though, you do not have to receive constant reminders of unhappier times.

3. Ensuring you get your fair share

Even though your soon-to-be ex currently has the financial ability to pay alimony, you cannot predict the future. With lump-sum alimony, you do not have to worry about your ex becoming financially insolvent or otherwise incapable of paying you.

Ultimately, while there are some good reasons to seek a lump-sum buyout, you should explore all your options before choosing the type of alimony you want to receive.