Jack & Lisa Osbourne Split: Lump Sum Spousal Support
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
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