ALIMONY

The money paid to one ex-spouse by the other to meet the terms of a court order or settlement agreement following a divorce or separation.  Many states have developed a formula for alimony based on a number of factors, including, but not limited to, the income of the each of the parties.  Payment of alimony is sometimes limited to a set amount of time base upon the duration of the marriage.  In some cases, a lengthy married may result in lifetime payments of alimony.  Failure to pay alimony as ordered by a court can result in contempt of court citation and eventually jail time.  Alimony is deductible as an expense for the payer and charges as income to the recipient.  Child Support is NOT Alimony.  In some states, alimony is also known as "spousal support" or "maintenance".