Q: I have two questions concerning IRS treatment of Colorado maintenance.
I am in the final hours of nailing down a divorce Settlement Agreement that includes non-modifiable maintenance. In consideration of IRS rules regarding the definition of alimony, I have two questions: 1) Does non-modifiable maintenance end upon the death of either party? 2) Is a lump sum payment identified as maintenance-in-arrears deductible? Thanks in advance.
A:
In a normal setting, maintenance would terminate on the death of either party. In a contractual, non-modifiable setting, it should, too. However, to be safe and exact, you should make sure the agreement indicates that it terminates on the death of either party. If you are the payer, also make sure to include language that it terminates on remarriage of the recipient.
As to the tax question, most family law attorneys are going to be hesitant to answer such unless it is basic. Your question goes a little beyond basic and you should either post the question in the tax section and/or contact a CPA to discuss.
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