Can I provide for a one-time payoff of spousal support in my agreement?
Yes, such a payout is often called "lump sum" alimony. Lump sum alimony is frequently given instead of a property settlement, especially when there is little or no property to divide.
Lump sum alimony is unusual in that it is payable even if certain events occur that would normally cause the cessation of alimony, such as remarriage. Since lump sum alimony is in lieu of a property settlement, the present or future status of the recipient does not affect the alimony, if the separation agreement so states. Lump sum can even be made payable to the estate of the recipient, should he or she die.
Lump Sum is often enticing to spouses who are in need of money to begin supporting themselves and or the child(ren). The choice of receiving $15,000 right away rather that in increments over several years can be a immediate solution to many financial hurdles, but it is important to understand the financial repercussions if any. In this situation it is best to consult a certified divorce planner or financial planner.