Jump to Navigation

On record-keeping and alimony

Alimony is an incredibly important part of family law. It helps people who made certain sacrifices during marriage, or require a certain financial footing to live their life, to move on after a divorce. If alimony is awarded in your divorce, whether you are the paying spouse or the receiving spouse, there are some specific steps you will want to take in order to ensure you are properly keeping track of your alimony.

Arguably the most important thing to remember about alimony is that it has massive tax implications for the former spouses. If you are the paying spouse, the alimony that you pay can be deducted from you tax filing. And if you are the receiving spouse, that alimony is part of your taxable income. Reporting this correctly is very important.

More generally, though, you need to track your alimony payments whether you are the paying spouse or the receiving spouse.

If you are the paying spouse, you should get a check book that makes carbon copies of the checks you write for alimony. If you can't get one, then track your own alimony payments. Keep a record of the check number, the amount the check is written for, the bank utilized and where the check was sent to.

If you are the receiving spouse, you should keep track of the same information on your own. If, however, your former spouse pays you in cash, make sure the two of you create a receipt for the transaction.

Source: FindLaw, "Alimony Guidelines: What Records to Keep Regarding Your Alimony," Accessed Dec. 31, 2015

No Comments

Leave a comment
Comment Information

Call or Fill Out Our Intake Form

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Gaithersburg Divorce Lawyers Video

http://www.mckeonlawfirm.com 202-742-1800 The McKeon Law Firm handles marital property issues in divorce. The attorneys are experienced in business valuation & tracing assets. Contact us in Gaithersburg, Maryland for property division matters.

Subscribe to This Blog's Feed Visit our Divorce Law Website