Different Types of Alimony
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This type of alimony is awarded when a spouse can show a need to improve their financial condition. This may involve alimony payments while one spouse is seeking to further their education, develop skills to be self-sufficient, or look for a job. This type of alimony is generally short term and allows one party time to become self-sufficient.
Permanent or Long-Term Alimony
This type of alimony involves one party paying the other party long term or permanent alimony based upon extreme financial issues or disparities, usually with lengthy marriages. Courts are authorized to award this type of alimony: however, permanent alimony is becoming disfavored.
Lump Sum Alimony
This type of alimony can be awarded where one party pays in a single cash payment (although it can be paid in installments over time). In this instance, the alimony is defined as a set amount, for example $50,000 paid at once. This type of alimony is non-modifiable as it is awarded as a certain sum to be paid.
This type of alimony is more common than lump sum and involves a party paying the other party monthly payments, usually for a defined amount of time. For example, the paying party may pay the other spouse $2,000.00 per month for 60 months. The payments can vary over the time period such as $5,000.00 per month for 12 months, followed by $2500.00 per month for the next 12 months, which could be followed by $1,000 for the next 12 months. This type of alimony provides an income stream for one party and allows the other to pay the alimony over time. This type of alimony can be modified or terminated based upon certain circumstances.