Texas residents going through a divorce may have many uncertainties. Sometimes, a soon-to-be divorced person may be uncertain as to how their career will change post-divorce, as they may have taken time off to focus on raising children. This can make it challenging, in some cases impossible, to reenter the workforce, as many companies will not hire anyone who lacks recent work experience. Thankfully, alimony can be a resource for those who have made financial sacrifices in order to focus on raising children.
With alimony, there are many nuances and legal complexities that can come into play. Because of this, there are a number of steps that can be important for both the payer and the recipient of alimony. One such step involves keeping certain records. For tax purposes, these records can be very important.
Both the payer and the recipient of alimony should keep certain records. Payers often need a document listing the dates of each payment made, along with carbon copies of every check written for alimony payments. In addition, there should be receipts kept for any cash payments.
On the recipient side, there are also records that should be kept. Recipients should also keep a list of all the dates in which payments were received, similar to that which the payer keeps, along with records of the amounts that were received.
Knowing what records to keep during a divorce is not always easy. Sometimes, all of the things divorcing spouses have to keep track of can seem overwhelming. Thankfully, attorneys are available to help ensure that all the necessary steps are taken to make sure all the divorce components are handled properly.
Source: FindLaw, “Alimony Guidelines: What Records to Kep Regarding Your Alimony,” Accessed on March 28, 2016