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Lump Sum Alimony vs. Regular Alimony Payments in Orlando, Florida Area

What is the difference between Lump Sum Alimony versus Regular Alimony Payments in Orlando, Florida area?

Regular Alimony is usually deductible for the payor spouse on his or her federal taxes. It is usually taxable for the payee spouse on his or her taxes.

Regular Alimony in the form of permanent alimony, durational alimony, bridge the gap alimony, and rehabilitative alimony is usually paid on a monthly basis, or in accordance with the payor spouse’s pay period. Lump sum alimony is usually a one- time payment. However, it may be payable in installments.

Florida Statute 61.08 is the Alimony Statute. F. S. 61.08 (1)-In proceeding for dissolution of marriage, the court may grant alimony to either party, which alimony may be bridge-the-gap, rehabilitative, durational, or permanent in nature or any combination of these forms of alimony. In award of alimony, the court may order periodic payments or payments in lump sum or both. The court may consider adultery of either spouse and circumstances thereof in determining the amount of alimony, if any, to be awarded. In all dissolution actions, the court shall include findings of fact relative to the factors enumerated in subsection (2) supporting an award or denial of alimony.

In order to award lump sum alimony, the trial court must find:

1. Some special necessity justifying a lump-sum payment of alimony.
2. If support is needed, unusual circumstances which would require a non-modifiable award of support must exist.
3. The trial court must find that the payor spouse is in a financial position to make a lump sum payment without endangering his or her economic status.

Lump sum alimony may be payable in cash, by real property, or by any other asset. This may be appropriate in a sufficient unusual or special circumstances where a party has a history of willfully failing to pay alimony. It may also be appropriate where the payor spouse is advanced in age and/or has limited years remaining in the workforce.

If you have further questions regarding lump sum alimony versus regular alimony payments in the Orlando, Florida area; or you require further detailed information regarding alimony, and questions regarding F. S. 61.08-Alimony, you may contact Ann Marie Gilden, Esquire of Ann Marie Giordano Gilden, P.A. at 407-732-7620.

This article is for information only and does not form an attorney client privilege.