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Alimony: If the divorce was finalized in 2019 or beyond, alimony payments won’t be considered taxable income or be eligible for a tax deduction. Alimony payments may be deductible or reportable ...
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.
Alimony is an outdated term that refers to money paid by one spouse to the other following a divorce proceeding. When two married people get divorced, one can seek financial support from the other.
Alimony, also called aliment (Scotland), maintenance (England, Ireland, Northern Ireland, Wales, Canada, New Zealand), spousal support (U.S., Canada) and spouse maintenance (Australia), [1] is a legal obligation on a person to provide financial support to their spouse before or after marital separation or divorce.
Temporary alimony: Support ordered when the parties are separated prior to divorce. Also called alimony pendente lite, which is Latin, meaning, "pending the suit". Rehabilitative alimony: Support given to a lesser-earning spouse for a period of time necessary to acquire paid work and become self-sufficient.
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
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 ...
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes. ... As the receiving spouse, ...