Premium Payments Do Not Count Toward Alimony Payments

Are you currently paying alimony? Is your former-spouse listed as a beneficiary? If so, you may be wondering if your premiums are deductible as alimony.

In short, the answer is no. Even though you are paying the premiums for a life insurance plan that your former spouse could benefit from, you cannot write these payments off as alimony. However, you can tweak your situation so that you can deduct the payments in a more financially favorable way. If you transfer ownership of the policy so that your wife's interest is absolute, you could then be eligible to deduct payments.

Do you have questions about alimony? Learn more about your rights as an alimony provider from a family law attorney in your state of residence. By speaking with a family lawyer, you will understand your options and obligations. Additionally, should you wish to change your alimony payments, you'll have a legal representative on your side who can help you.