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LUMP-SUM SETTLEMENTThe payment of an entire debt all at once rather than in installments; the payment of a set amount of money to satisfy a pecuniary obligation that might otherwise continue indefinitely. Lump-sum alimony, for example, is the payment of a large sum of money upon the dissolution of a marriage in order to circumvent the obligation to pay a certain amount, fixed or fluctuating, on a regular basis, for an indefinite period of time. This type of PROPERTY SETTLEMENT is also known as alimony in gross. |
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