Former wife going to Ascot occasionally? That’s correct (5)
I believe the answer is:
exact
'correct' is the definition.
(similar in meaning)
'former wife going to ascot occasionally?' is the wordplay.
'former wife' becomes 'ex' (an ex-wife).
'going to' is a charade indicator (letters next to each other).
'occasionally?' means one should take alternating letters (I've seen 'occasionally' mean this).
The alternating letters of 'ascot' are 'act'.
'ex'+'act'='EXACT'
'that's' is the link.
(Other definitions for exact that I've seen before include "Demand payment" , "Absolutely right" , "As a right, demand" , "Spot on, precise" , "On the nail" .)