The process of divorce can be difficult, tiring, and sometimes very painful for Illinois couples. However, as divorce becomes more and more common, some newly single Illinois residents are choosing to make the best of it and throw a divorce party.
According to some event planners, divorce parties are growing in popularity. Some noted their business had tripled over the past several years, even in the face of the recent economic downturn. The parties, which aim to celebrate divorce, vary widely in form, and can include club outings, pool parties or private dinners. The events are often helpful to people who are looking to move on from a divorce with the support of their friends and family.
Whether a divorce is full of disagreements or is amicable, one issue that can stir emotions between spouses is the topic of alimony. In some cases, a spouse who is ordered to pay spousal support chooses to make a lump sum payment in lieu of monthly payments.
For the spouse receiving the alimony, a lump sum payment may be a more beneficial option. First, because of economic principles and the fact that lump sum payments are equal to the total amount of future payments, a lump sum payment may actually be worth more than monthly payments.
Moreover, spouses can avoid the hassles of seeking enforcement of spousal support orders by obtaining a lump sum payment.
On the other hand, there may be tax consequences to accepting a lump sum payment, as it may be taxed for the full amount in the year the lump sum is received. The tax implications depend on the label attached to the payment, however, which, like all of the above issues, can best be determined by an experienced divorce attorney.
Source: Time, “The booming business of ‘divorce parties’” Martha C. White, Oct. 15, 2012
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Divorce parties grow in popularity