Alimony
A sum of money is paid by one spouse to help support the other as a result of a divorce or separation. Many factors are considered when determining whether alimony is paid, and the amount paid. Alimony can be paid on a monthly basis, in a lump sum, and/or by having one spouse pay certain expenses for the other spouse. The person receiving alimony is responsible for paying taxes on it since it is treated by the Internal Revenue as income. The spouse paying alimony can deduct it from his/her gross income. Alimony is subject to modification by either spouse.
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