- 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.
court-ordered provision, support, sustenance
Related Terms and Acronyms
- Child Support (CS) — Acronym,
- 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.
- Child Tax Credit (CTC) — Acronym,
➥ See Canada Child Tax Benefit (CCTB).
- A tax break for those who claim eligible dependent children on their tax returns.
- Contingent Liability — Definition,
- A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
- 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.
- Joint Tenancy — Definition,
- 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 — Definition,
- A property held in the name of more than one person.
- Marital Deduction — Definition,
- For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.