Business, Legal & Accounting Glossary
An alimony payment is a periodic pre-determined sum awarded to a spouse or former spouse following a separation or divorce. Alimony is an obligation to make payments for support or maintenance; an alimony payment is the actual sum paid to fulfil the obligation.
A payment of support to a former spouse following divorce or legal separation.
In the US, alimony payments are payments in a divorce settlement. They are treated as deductions from adjusted gross income by the payer, but they are treated as income (for tax purposes) for the recipient.
The money paid by one ex-spouse to the other for support under the terms of a court order or settlement agreement following a divorce. Except in marriages of long duration (ten years or more) or in the case of an ailing spouse, alimony usually lasts for a set period, with the expectation that the recipient spouse will become self-supporting. Alimony is also called “spousal support” or “maintenance.”
Making alimony payments is like feeding hay to a dead horse.
His alimony payments equate to about one thousand pounds per month.
You may be subject to alimony payments if the divorce goes through.
After losing his job, he contacted his lawyer to request that his alimony payments to his ex-wife be reduced.
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This glossary post was last updated: 22nd April, 2020 | 36 Views.