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Alimony is the sum of funds one spouse gives to the other, by court order, for maintenance and support.


By tradition, alimony was granted to the wife; however, in the 1970's and 1980's judges began to provide alimony to the husband based upon the state of affairs. Alimony is awarded to either party in an attempt to preserve the level of comfort that both were familiar to throughout their matrimony.

Alimony given before to the divorce is referred to as pendente lite alimony. It is taxable income to the recipient and tax deductible to the payer.

Always obtain the advice of your CPA before settling on an agreement. Note: most attorneys are not tax advisors and for liability reasons, they will not advice on tax matters. One or more of the following can occur if alimony is granted:

1. Permanent: Paid until either the death of the payer, or the remarriage of the recipient. Agreements may include “cohabitation" phrase that indicates alimony ends when the recipient lives together with another person in the evasion of marriage.
   
   
2. Lump sum: Single payment of alimony as an alternative to periodic (weekly or monthly) payments. This too is treated as income; therefore, it is subject to taxation.
   
   
3. Temporary: Lasts for a precise time; for instance, one to two years. Sometimes when the parties implicated are on almost equivalent grounds, due to evident situations one party may require financial support in order to recover.
   
   
4.  Rehabilitative: The most generally granted alimony. It is awarded in a condition where the receiver is younger, or capable to ultimately entering or returning to the workforce and turn out to be financially self-sustaining. An example of rehabilitative alimony is imbursement for education.

It is recommended to incorporate a life and disability insurance policies in an event something were to occur to the payee. Due to your insurable interest in the person being insured, you are capable of buying the policy yourself. Each state has its own guidelines for deciding the needs and amounts of alimony. For instance, the duration of marriage, the earning capacity of the parties involved, the well being (health), additional income, the education of the parties, and the earning power being affected by the custodial parent.

Further, judges may deem economic conditions of either party to be just or appropriate.

Alimony payments are usually based on the mentioned concerns. It is always advised to workout alimony rather than have a judge capriciously decide your situation.

Again, states have different statutes concerning alimony; therefore, it is very important that you seek advice from an attorney that is experienced in divorce before formulating conclusions concerning alimony.

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