alimony

al·i·mo·ny   (āl'ə-mō'nē)    n.   pl. al·i·mo·nies Law An allowance for support made under court order to a divorced person by the former spouse, usually the chief provider during the marriage. Alimony may also be granted without a divorce, as between legally separated persons. A means of livelihood; maintenance. [Latin alimōnia, sustenance, from alere, to nourish; see al-2 in Indo-European roots.]

alimony 

Alimony

Payments made to a spouse or former spouse under a separation or divorce agreement.

Investopedia Commentary

For the receiver, payments are considered taxable income for the payer, they are a deductible expense.

Related Links

Getting a Divorce? - Understand the Rules of Dividing Plan Assets

See also: Deduction, Income, Income Tax

Main Entry: al·i·mo·ny
Pronunciation: 'a-l&-"mO-nE
Function: noun
Etymology: Latin alimonia sustenance, from alere to nourish
1 : an allowance made to one spouse by the other for support pending or after legal separation or divorce —compare CHILD SUPPORT

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alimony in gross
: LUMP SUM ALIMONY in this entry

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alimony pen·den·te li·te
/-pen-'den-tE-'lI-"tE, -pen-'den-tA-'lE-tA/
: alimony granted pending a suit for divorce or separation that includes a reasonable allowance for the prosecution of the suit called also temporary alimony

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lump sum alimony
: alimony awarded after divorce that is a specific vested amount not subject to change called also alimony in gross

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per·ma·nent alimony
: alimony awarded after divorce which consists of payments at regular intervals that may change in amount or terminate (as upon the payee's remarriage)

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tem·po·rary alimony
: ALIMONY PENDENTE LITE in this entry
2 : means of living, support, or maintenance alimony to their illegitimate children —Louisiana Civil Code>

alimony

in divorce law, compensation owed by one spouse to the other for financial support after divorce. Alimony aims at support of the one spouse, not punishment of the other. In some places, the term means simply a property settlement irrespective of future support. Alimony has traditionally been granted from husbands to wives but has occasionally been granted from wives to husbands.

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