Lump Sum Payments
A lump sum payment is a payment of money that one party to a dissolution pays to the other party.
It is often used as a means of adjusting the capital resources of the parties upon dissolution. In most, but not all cases, a lump sum payment is intended to be a final settlement.
The sort of circumstances where a lump sum payment may be made are as follows:
- To settle a party's interest in the jointly owned home or other property
- To settle a party's claim against a business interest
- To settle a party's claim in relation to any pension provision
- To capitalise a claim for maintenance that one party could be liable to pay another.
The calculation of what size of lump sum should be paid or when it is appropriate is not straightforward. It depends upon a number of factors. At Paul Ireland Solicitors we have the expertise to be able to assist you in this matter.