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Alimony is a big part of many divorces

When two spouses decide that it is time to end their marriage (and thus file for divorce), there will be many issues that they have to work out to ultimately conclude their divorce proceedings. Signing that divorce agreement will be freeing, but it takes some work to get there. Even after the agreement is signed, there will be post-divorce issues you have to work out.

One of the issues that could be involved in a divorce is alimony, a form of financial compensation that one spouse pays another to correct any financial effects caused by the divorce. Tracking this compensation is very important for both parties in the divorce because there are serious tax implications. We've discussed this a bit in a past post.

Today, let's stick to the "tracking" that we just mentioned. What we mean here is that former spouses that are paying or receiving alimony should keep a spreadsheet or record of their alimony payments, complete with extensive details about the payments. Why? Because if litigation were to occur down the road or if there was a dispute about a payment, you can provide ample evidence about it.

With that in mind, every time a payment is made or received, the spouses should track:

  • The amount of the payment and the date it was made
  • The address that was used (both sent to and sent from)
  • The bank used and the account number associated with the payment
  • The check number, or if cash was used then a receipt should be created and signed by the two spouses

Source: FindLaw, "Alimony Guidelines: What Records to Keep Regarding Your Alimony," Accessed Dec. 21, 2017

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