Memories are hard to let go For many couples, one of the biggest and most difficult issues is the marital residence. Who gets it after a divorce? For couples of modest and ordinary means (as compared to affluent couples) the marital residence is usually the main asset, the biggest most valuable thing they own together. […]
If it is alimony it is taxable to the recipient and tax deductible by the payor. If it is a property settlement it is not taxable or deductible. How can you know if you have alimony which is taxable vs. property settlement which is not?