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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 ...
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, 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.
To get a sense of potential annuity payments based on your lump sum, use an annuity calculator. Keep in mind that these calculations are estimates and may not accurately reflect the actual ...
Payment is not made to children but between parents, and the payee is not required to account for how child-support money is spent. Critics of child support argue that, as a result, the support payments do not need to be used to support the child and can be regarded as a punishment to the parent who is paying child support.
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 ...
Divorce is obviously a difficult chapter in anyone's life. In addition to sorting out personal matters, dealing with the financial fallout of divorce is often messy. Whether you are paying alimony ...
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). [1] [2] [3] [4]The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown.