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Alimony

Home > Alimony (Page 3)

What is a Forensic Accountant’s Role in a Divorce?

Most frequently a forensic accountant’s role in a divorce (now termed dissolution of marriage) is in the courtroom as an expert witness. As an expert witness the forensic account is allowed to testify in his/her area of expertise even though never having, been witness to any occurrence relating to the lawsuit. The areas of expertise of a forensic accountant include accounting, auditing, and investigative skills involving monetary considerations and concerns. And, when it comes to a divorce, there are a number of monetary considerations and concerns where the expertise of a forensic account can often prove or disprove an issue...

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Alimony Income Used to Boost Mortgage Approval Chances?

Alimony income can be used to boost mortgage approval chances since it is considered as income for banks. First let’s take a look at what alimony income would look like. In most states there are five types of post divorce alimony, that is money received following a divorce which one party receives from the other, usually in monthly payments. Lump sum alimony is an exception as it is one large payment following the final judgment and no more payments in the future. Permanent alimony is an adjudicated amount paid monthly for the life of the recipient unless the recipient remarries, has...

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Is Paying Alimony Tax Deductible?

Yes, paying alimony can be tax deductible. However, there are guidelines to be followed both by the person receiving and the person paying alimony. Here is what you need to know. Alimony, which can also be referred to as spousal maintenance or spousal support, occurs when, following a divorce or separation, one spouse is adjudicated to pay the other spouse a determined amount of money. The award of alimony can be temporary, just for the duration of divorce litigation, permanent, for the lifetime of the recipient unless the recipient remarries, or within a given time frame as determined in rehabilitative, durational,...

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All About Alimony

Alimony is financial support provided by one spouse to the other as legal obligation during the process of divorce or for a certain period of time following a final divorce. Courts in general require the spouse who earns more to help support the spouse who earns minimally. There are different types of alimony and each serves a distinct purpose and has different requirements. Permanent Alimony Permanent alimony is to help a spouse with low income or with no income at all. This type of alimony is likely to be granted following a long-term marriage, typically a marriage spanning more than 17 years....

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