Some people receive alimony (spousal maintenance) from their exes during or after a divorce. Per Illinois Statutes Chapter 750 Families, Section 5/504 (b-1)(1)(A), the alimony amount is calculated by taking 33 1/3 percent of the payor’s net annual salary minus a quarter of the payee’s net annual salary.
As a payee, you are probably wondering whether it’s better for you to collect alimony on a monthly basis or as a lump sum. Read over the benefits both options offer.
Monthly alimony advantages
Here are some perks of receiving monthly alimony:
- Monthly alimony is handy if your spouse was the sole breadwinner: Divorce can be financially devastating for the non-earning spouse. With monthly payments, you receive recurring monetary support until you find work. This is especially useful if you have sole custody of minor children.
- Those in years-long marriages can receive permanent alimony: If you and your spouse have been married for a couple of decades, then you might be eligible for permanent alimony according to Illinois Statutes Chapter 750 Families, Section 5/504 (b-1)(1)(B).
Lump sum alimony advantages
Receiving alimony as a lump sum has its benefits, too:
- You get all your money upfront: Some individuals prefer to receive their alimony all at once instead of getting a bit of it each month.
- A lump sum can provide closure for you and your ex: Lump sum alimony creates a win-win situation because the payor can get the alimony payment over with, and the payee can receive what they’re owed more quickly. It’s an ideal option for couples in contentious relationships.
The best type of alimony for you depends on your situation and preference(s). Consider reaching out for experienced legal guidance if you have any questions about receiving alimony.