What is a Spousal Maintenance Buyout?

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What is a Spousal Maintenance Buyout?

Spousal Maintenance, or alimony, is one of the most common concerns when it comes to divorce. Instead of multiple payments spread out for months or years, there is the options for a spousal maintenance buyout. Essentially, a buyout is a one-time payment made by one spouse to the other, instead of ongoing future payments.

Factors That Determine Spousal Maintenance Amounts & Duration

After a judge determines if a spouse is eligible for maintenance, the judge will then determine the amount the payments. This determination requires the judge to analyze multiple factors such as:

  • The length of the marriage
  • The lifestyle of the couple during the marriage
  • The education and earning potential of each spouse at the time of divorce
  • The current financial condition of each spouse at the time of divorce
  • Monetary contributions to the marriage by each spouse
  • The age and health of each spouse

Some spouses may choose to do a buyout instead of making ongoing payments for many months or years. This means that a one-time lump sum payment is made, and there will be no ongoing payments proceeding forward. For example, if a spouse owed $5,000 per month for 48 months, they may choose to make a one-time payment of $240,000.

This may be preferable for many reasons. First, if one spouse is needing to purchase a new home or pay rent this can help. Second, if you and your spouse are not getting along well, this can reduce the amount of contact you need to have moving forward and end the divorce process quicker. A quick resolution can be beneficial to both parties and it may alleviate stress and tension in the future. If you have the funds to make a spousal maintenance buyout possible, it might be best for both parties.

Spousal maintenance is a critical issue in any divorce settlement. Working with an experienced attorney who can help you understand your options and choose the best one for your situation is crucial.

If you have any questions about spousal maintenance, or a spousal maintenance buyout, contact our team today by calling 720-790-4023.

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