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The tax implications of spousal support are important to note

Spousal support is not always involved in every divorce. But when it is involved, the former spouses that are linked through this agreement should heed a few pieces of advice:

  • To begin, spousal support is tremendous responsibility that carries tremendous tax implications. It may seem great to be the receiving spouse in the spousal support equation, but you have to include the money you get from spousal support in your taxable income. Alternatively, the paying spouse can deduct those payments from his or her income.
  • Paying spousal support or receiving alimony is only part of the equation. You need to vigorously track the details and information related to your spousal support. For example, you need to record the date that a payment is made, how the payment was made, the amount, the bank involved, and the check number. Regardless of whether you are the paying or receiving spouse, keeping records is an important part of the process.
  • If your former spouse doesn't pay with a check, then cash payments need to be meticulously documented. Create a receipt for the transaction and make sure that both you and your former spouse signs the receipt. You should still record all of the information that we outlined above, even if a check isn't involved.

If there are appeals or legal action taken in relation to a spousal support payment, then you should consult with an attorney to ensure that your case is handled properly.

Source: FindLaw, "Alimony Guidelines: What Records to Keep Regarding Your Alimony," Accessed Oct. 27, 2016

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