Lisa Osbourne, the estranged wife of Jack Osbourne, has opted for the lump-sum instead of smaller monthly payments. No, she didn’t win the lottery, she settled her divorce.
Terms of the the Osbourne Divorce Settlement
Lisa and Jack Osbourne settled their divorce, according to papers filed in a Los Angeles Country Superior Court, on August 15, about four months after Lisa filed papers. Jack will not be paying any spousal support, but instead gave Lisa a “sizeable” upfront cash payout. They agreed to share joint custody of their three children: Pearl (6), Andy (3) and Minnie (6 months), and he will pay “significant” child support, including private school and medical costs.
Though Jack and Lisa have earned limited fame through their appearances on Ozzy & Jack’s World Detour, they perhaps gained greater notoriety when Jack punched Lisa’s new boyfriend in the head. Police were called, but no charged filed. Perhaps its moments like these that encouraged Lisa to just “take the money and run”.
Lump Sum vs Monthly Alimony Payments
Lump sum payments are not uncommon, even among non-celebrities, due to the time-value of money and tax consequences. And, of course, not having to deal with your ex letting you down anymore.
Alimony is set by a variety of factors, such as how much income each spouse makes, and how much they expect to make in the future. If there are children involved, another consideration is whether one parent will be a stay-at-home parent. Courts will also look to the standard of living enjoyed while in the marriage, and try to have that level sustained for a number of years after the marriage, depending on how long the marriage lasted. Finally, some states weigh fault into the equation. If the divorce was your fault, you get less money.
Many of these factors are subject to change (well, not fault, though hindsight is 20/20), so a best strategy for someone that hasn’t worked, but might, is to take the lump-sum. Or if you think you might get remarried, which stops the payment of alimony in most instances, the immediate one-time payment might be best. As you can see, if you want more control over your life after the divorce, it may be best to take the lump sum.
If you would like to learn more about paying or receiving alimony, consult a divorce attorney in your area. They can detail the nuances of all issues relating to divorce, and help you find legal answers to your marital issues.