alimony
noun
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Definition of alimony
Examples of alimony in a Sentence
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According to Chemtob, alimony payments are determined by income, with the spouse who makes more money paying the spouse who makes less. — Jennifer Lance, Glamour, "Your Divorce Glossary: A-to-Z Terms You Need to Know," 26 Nov. 2018 Child support can't be taxed or deducted, but alimony would count as income for me. — Ellie Delano, Woman's Day, "Death (Of A Marriage) And Taxes," 26 Jan. 2011 Also called alimony or spousal maintenance. Stipulation. — Jennifer Lance, Glamour, "Your Divorce Glossary: A-to-Z Terms You Need to Know," 26 Nov. 2018 John Schneider asks court to restore jail sentence for unpaid alimony after being released early. — Fox News, "FOX NEWS FIRST: Mass shooting stuns Toronto, too early to determine if it's terror; Trump warns Iran," 23 July 2018 This includes alimony, capital gains, state-tax refunds, rental income and deductions for educator expenses, student loan interest and IRA deductions. — Kathleen Pender, SFChronicle.com, "Is new 1040 tax form deceptively simple or just deceptive?," 29 June 2018 The drop is tied to a few things: the loss of cost-saving measures like splitting a mortgage bill; legal fees; and payments like alimony or child support. — Kerri Anne Renzulli, Glamour, "Here's How Your Relationship Status Affects Your Bank Account," 18 Jan. 2018 In 2013, the mother of two of his children sued for outstanding alimony payments. — Adam Williams, Billboard, "How a Netflix Series Revived the Career of Latin Pop Icon Luis Miguel," 10 July 2018 Child support is often calculated in tandem with alimony. — Ben Steverman, latimes.com, "Your prenup might be in jeopardy as tax overhaul kills alimony break," 23 May 2018These example sentences are selected automatically from various online news sources to reflect current usage of the word 'alimony.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for alimony
alimony
nounFinancial Definition of alimony
What It Is
Alimony is a series of payments made to an ex-spouse or separated spouse according to a divorce decree or separation agreement.
How It Works
Also known as "spousal support," the idea behind alimony is to provide a spouse with lower income or lower income potential with financial support. It is not the same as child support.
In general, a spouse must have been financially dependent on the other spouse for most of the marriage to receive alimony. The calculations and standard amounts vary by state, but each party's ability to earn money, the length of the marriage, the conduct of the parties, and health and age all affect the amount.
Alimony payments are usually made monthly. For tax purposes, noncash payments and voluntary extra payments do not count as alimony. However, payments to a third party on behalf of the ex- or separated spouse sometimes qualify as alimony (medical expenses, housing costs, tuition, etc.), however.
Why It Matters
From a financial perspective, alimony matters because it has significant tax consequences for both the payer and the receiver. Most notably, alimony is tax-deductible for the payer and taxable for the payee. Because of this tax deduction (and the resulting temptation to mask all payments to an ex as alimony), the IRS applies two tests to ensure that the payments are not really child support or property settlement payments (which are not deductible). For this reason, alimony payments should be explicitly described in the divorce decree or separation agreement, and they must be labeled as alimony. Otherwise, the IRS may tax child support as alimony.
Also, alimony payments to an ex- or separated spouse typically only count as alimony for tax purposes in years when the parties did not file a joint tax return or live in the same dwelling. If alimony payments decrease or terminate during the first three years, filers may be able to recapture the taxes paid (and deductions claimed) under the IRS's recapture rule. In any case, both the alimony payer and alimony payee must file an IRS Form 1040 rather than a 1040A or 1040EZ if alimony is involved.
Source: Investing Answers
alimony
noun
English Language Learners Definition of alimony
See the full definition for alimony in the English Language Learners Dictionary
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Kids Definition of alimony
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alimony
noun
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Legal Definition of alimony
— called also temporary alimony
— called also alimony in gross
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