Alimony


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Alimony

Periodic payments made to a former spouse (or a current spouse from whom one is separated). Alimony is tax deductible for the paying person and is taxable income for the receiving person.
References in periodicals archive ?
Before the Alimony Reform Act of 2011 was enacted, contributions were discretionary in the sense that the statute did not mandate their consideration, although many judges actually considered contributions.
We may see a trend toward larger property payments with reduced alimony payments.
The genuine empowerment of divorced or separated women is not limited to the alimony fund but extends to speeding up the mechanism of judicial procedures so that families in general, and children in particular, avoid falling into this financial predicament.
Phillips also awarded Irene a monthly alimony payment worth $5,000.
That range made sense when alimony was deductible by the paying spouse and includable as income by the receiving spouse.
From now on, a parent who has not paid alimony for over 6 months may be deprived of the right to hunt, use weapons, travel abroad, and drive a car.
"The problem in Oklahoma is there's no formula for determining how much or how long support alimony should be paid."
Protecting the rights of children to timely receive alimony is a priority in the work of the justice bodies at a time when we establish the priorities of the law.
31, 2018, if you have a written separation agreement that preserves the alimony exclusion.
Because the payers of alimony are almost always in a higher tax bracket than their exes, the new rules will mean less after-tax money to go around.
The court also ordered Mahmud Abu Bekir, who is a businessman, to make the alimony payments in three instalments of RM10 million each beginning October 31.
The longstanding rules apply: Alimony payments are deductible for the spouse paying the alimony, but includible in the income of the spouse receiving the payments.