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In a divorce, the court will determine who pays alimony, the duration and the amount. If there was a prenuptial agreement, it should clearly define these payments so the judge doesn’t have to.
Alimony is a court-ordered sum that one former spouse must pay to another due to a separation or divorce agreement. You might sometimes hear about spousal maintenance or spousal support, which are ...
The term alimony comes from the Latin word alimonia ' nourishment, sustenance ', from alere ' to nourish '.Also derived from this word are the terms alimentary (of, or relating to food, nutrition, or digestion), and aliment (a Scots Law rule regarding sustenance to assure the wife's lodging, food, clothing, and other necessities after divorce).
The Tax Cuts and Jobs Act made a big impact on filings for tax year 2018. From nearly double the standard deductions to new tax brackets, last year's tax filers had to adjust to changes to their...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Although alimony is not deductible or reportable as income for divorces occurring on or after Jan. 1, 2019, the previous rules apply to you if you were divorced by Dec. 31, 2018.