While alimony buyout isn’t meant for everybody, it is something that can make perfect sense in some situations and is thus a matter worth deliberating upon. Also referred to as lump sum alimony, alimony buyout is simply the payment of spousal support at once, instead of monthly payments made within a selected timescale. This may be achieved by having the payer write a single check for the full sum of spousal support he or she owes.
How to Calculate Alimony Buyout
The truth is that working out a lump sum spousal support payment isn’t easy. Although it does involve multiplying the amount of each monthly payment with the number of months within the designated time scale, several other aspects may be used to ascertain the actual value of the lump sum compensation. Essentially, a discount is factored in to account for the reality that the value of the dollar at present is higher compared to what the equivalent dollar will fetch probably a year from now. Thus, the sum of the spousal support buyout may not exactly correspond with the accurate total of monthly payments when added up.
Why Opt for Alimony Buyout?
Find out from a person who has been instructed to pay spousal support about how they feel sending a check to their ex-wife or ex-husband every month. The reality is that most people would wish to move on as quickly as possible following a divorce by cutting ties and concentrating on their lives. Sadly, when there are spousal support payments drawn in, there’s a sense that this divorce never occurred, which may finally lead to resentment on the part of the payer.
In this case, the payer can contact the law office of The Millard Law Firm and inquire from spousal support attorneys in Alpharetta GA about the possibility of settling on a single payment. This helps to effectively terminate any dealings between ex-spouses after their divorce. This often leads to a more harmonious resolution, evading years of potential hostility between ex-spouses.
The subject of spousal support is a tough one and is associated with different deep-rooted emotions from both spouses. Spousal support attorneys in Alpharetta GA can facilitate a frank and candid discussion about the state of affairs and help the ex-couple arrive at an agreeable alimony buyout. Visit The Millard Law Firm for more information.