What is a fair amount of alimony?
Under the formula, alimony is set at 30 percent of the higher-earning spouse’s income, minus 20 percent of the lower-earning spouse’s, as long as the recipient doesn’t end up with more than 40 percent of the couple’s combined income.
What is the difference between maintenance and alimony?
Alimony may be paid to the spouse in lump sum as cash or any other kind of payment method, as well as in form of property after the divorce is finalised. Unlike alimony, maintenance is only paid in form of cash or any other kind of payment method and the husband cannot pay maintenance to wife in form of property.
Is maintenance considered alimony?
Maintenance, or alimony, refers to payments made by one spouse to the other to assist with the support of the recipient spouse. They may also terminate upon remarriage or cohabitation of the supported spouse. Payments received are usually taxable for the recipient spouse and tax-deductible for the paying spouse.
What is permanent alimony and maintenance?
Permanent alimony is the amount taken only once for maintenance of the divorced wife whereas maintenance is the amount to be paid on monthly basis by the husband before, during and/or after getting the decree of divorce.