What is alimony in lieu of property division?
Alimony in lieu of property division is separate and distinct from support alimony. Often the division of marital property can be difficult when dealing with marital assets such as a family owned business. The party responsible for paying alimony in lieu of property division is typically awarded an asset, and ordered to pay the opposing party alimony in lieu of property division for the other party’s share of the value of the marital asset awarded to the payor. The advantage of having alimony characterized as being in lieu of property division as opposed to support alimony is that such alimony is not taxable.
Alimony in lieu of property division is separate and distinct from support alimony. Often the division of marital property can be difficult when dealing with marital assets such as a family owned business. The party responsible for paying alimony in lieu of property division is typically awarded an asset, and ordered to pay the opposing party alimony in lieu of property division for the other party’s his/her share of the value of the marital asset awarded to the payor.
