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Couples should keep careful records of spousal support

| Mar 24, 2016 | High Asset Divorce |

Record-keeping during the divorce process, especially during a high-asset divorce, can be important. Perhaps not surprisingly, it is also important to keep records related to spousal support or partner support. Both recipients of spousal support and former spouses paying spousal support should keep records related to spousal support or partner support. One important reason to keep spousal support records is that it is considered tax deductible for the paying spouse and taxable income for the recipient spouse.

Spousal support or partner support refers to payments made by one spouse to a former spouse following divorce. Spousal support is determined on a case-by-case basis. Spousal support may be more common when a marriage has been longer in duration; when one spouse earned significantly more than the other spouse; or one spouse left the workforce to remain home and care for the household.

Former spouses paying spousal support should keep a record of when payments were made, how they were made and any receipts available that may be associated with the payments. The former spouse receiving spousal support should keep records of the amount of payments received, the date the payments were received and any confirmation of the payments such as copies of checks received or any associated receipts.

In addition to tax purposes, keeping records of spousal support paid and received can provide verification for the court if there is a dispute concerning payments or changes requested to spousal support or partner support. Spousal support and partner support are important issues for many couples so it is helpful to have a thorough understanding of the ins and outs of spousal support and keep good records.

Source: Family.Findlaw.com, “Alimony Guidelines: What Records to Keep Regarding Your Alimony,” Accessed March 20, 2016

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