Understand why recordkeeping is important for alimony payments

Spousal support payments are only components of some divorces. When this is a factor in your divorce, you need to know what kinds of records you should keep. The last thing that you want to do is to end up throwing away something that you will need.

Keeping copies of the payments is important no matter whose side you are on. These payments have tax implications that must be considered.

For the person who is paying alimony, the payments aren't usually taxed. For this reason, you should keep a copy of the alimony order and the proof of payments just in case you need them for tax purposes.

For the person who is receiving alimony payments, the payments are taxable as income. This means that you need to keep an accurate account of what you receive so that you can ensure you handle this properly at tax time.

No matter which side of the case you are on, you need to make sure that keep the records of the payments for at least three years. This is necessary so that you can produce them if there is any question about your income tax return.

Keep in mind that the alimony payments aren't the only thing that you need to keep a record of when it comes to your divorce. You should keep a copy of the divorce decree and the property division settlement. This can help you down the road if there is ever a question about any point of the divorce. If you have children, keeping a copy of the child support documentation and the child custody order is also necessary.

Source: FindLaw, "Alimony Guidelines: What Records to Keep Regarding Your Alimony," accessed July 21, 2017

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