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baddestbunny
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Simple English definitions for legal terms
lump-sum alimony
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A quick definition of lump-sum alimony:
Lump-sum alimony is money that one spouse pays to the other spouse after they get divorced. It's a one-time payment instead of regular payments. This money is meant to help the other spouse with their living expenses or to make up for something they lost during the marriage. It's different from a property settlement, which is when the couple divides up their belongings. The person who receives lump-sum alimony has to pay taxes on it, and the person who pays it can deduct it from their taxes.A more thorough explanation:
Lump-sum alimony is a type of court-ordered allowance that one spouse pays to the other spouse for maintenance and support after they are divorced. It is a single and definite sum that is not subject to modification. This means that the paying spouse must give the entire amount at once, instead of making periodic payments.
For example, if a couple gets divorced and the court orders the husband to pay $50,000 in lump-sum alimony to the wife, he must pay the entire amount at once. The wife cannot ask for more money later, and the husband cannot reduce the amount he owes.
This type of alimony is usually awarded when the court determines that the receiving spouse needs a large sum of money to support themselves after the divorce. It may be used to compensate for property division or to provide financial support for a specific period of time.