Jack Osborne and his wife Lisa finalized their divorce earlier this month, which means documents of their settlement were released. According to TMZ, Lisa will receive $1 million as a lump sum spousal support settlement, and she will retain ownership of their Audi. Each party kept their own companies, and Jack kept several valuable pieces of art.
In Ontario, the amount and duration of support are typically determined in accordance with the Spousal Support Advisory Guidelines (SSAGs). Spousal support is often paid periodically, however, it may also be paid as a lump sum. A lump-sum spousal support payment is not tax deductible to the payor nor is it tax inclusive to the recipient.
Some payors prefer the lump sum payment route, as it may relieve them from having to pay ongoing support for a long period of time. Alternatively, lump sum payments may be very high, and thus monthly payments are less financially strenuous.
For more information regarding spousal support, click here.
Ontario Divorce Lawyers
At Feldstein Family Law Group P.C., our team of experienced lawyers is committed to helping clients resolve all matters related to divorce and family law. Our lawyers take a unique approach to every case we handle, and we will explain all of your options under the law to ensure your rights and interests are fully protected. If you need help with a child custody or property division case, stop by our office to talk to one of our family law attorneys.
Call (905) 581-7222 to schedule a free in-office consultation at our Ontario divorce law firm.