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Alimony is the money one spouse pays the other in a divorce. It’s essentially a form of spousal support. These are the three main types of alimony in the context of divorce agreements:
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.
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...
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 Texas Family Code does not provide for "palimony.” This means you cannot gain rights under the Texas Family Code because you lived with someone absent a valid marriage. You can, however, create an agreement "on consideration of nonmarital conjugal cohabitation" under the Texas Business and Commerce Code (Tex. Bus. & Com. Code § 26.01(b)(3)).
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 ...
The determination of alimony varies greatly from state to state within the U.S. [40] Some state statutes, including those of Texas, Montana, Kansas, Utah, Kentucky and Maine, give explicit guidelines to judges on the amount and/or duration of alimony. In Texas, Mississippi and Tennessee, for example, alimony is awarded only in cases of marriage ...
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