Alimony

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • court-ordered provision
  • sustenance
  • support

Definition of Alimony

  1. Alimony is a monthly payment made to an ex-spouse usually as determined by the courts. If you are receiving alimony, payments must be received continuously for one year to qualify as income for a loan, mortgage or otherwise.

Related Terms and Acronyms

  • Contingent Liability Definition,
    • A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
  • Child Support (CS) Bank,
    • Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • Dependent Definition,
    • A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
  • Marital Deduction Bank,
    • For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
  • Joint Tenancy Bank,
    • When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
  • Jointly-owned Property Bank,
    • A property held in the name of more than one person.
  • Child Tax Credit (CTC) Bank,
    • A tax break for those who claim eligible dependent children on their tax returns.
    See Canada Child Tax Benefit (CCTB).
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