What Are The Different Types Of Alimony That Can Be Awarded?
At the time of the divorce if alimony is awarded it can be one or a combination of the following: 1. Permanent – This type of alimony is to be paid until either the death of the payor or the remarriage of the recipient. Some agreements may include a cohabitation clause that states alimony ends when the recipient cohabits with another person in the avoidance of marriage. 2. Lump sum – This type of alimony is one payment of alimony instead of periodic, usually weekly or monthly, payments. Lump sum alimony just like all other alimony is taxable, so you should consult with a cpas/what-is-a-cpa.php”>CPA experienced in divorce to determine the tax consequences of this type of payment prior to agreeing to it. 3. Temporary – This type of alimony lasts for a specific period of time, usually one to two years. This type of alimony may be awarded when the persons involved are on almost equal ground but due to certain circumstances one person may need financial assistance in order to get on their f
