Gardena Divorce Lawyer
Alimony is an arrangement where one party of a divorcing couple is assigned to pay the other party on a monthly basis. This arrangement is generally assigned under a court order under the terms of a divorce agreement.
The spouse who makes more money than the other is the party ordered to pay a certain amount of money (often for a specified amount of time) to the other party.
While not all divorcing couples arrange alimony payments, many do. If they do need to set up an alimony agreement, there are certain preparations they should make before anything is set in stone. In fact, both parties are encouraged to keep records of their financial and other legal records before arranging the terms of their alimony agreement.
Alimony ~ Keeping Records
Alimony is a lot less common than some people think. It is typically granted in cases where one party earns far more money than the other party.
It is also granted in situations where one party had to leave the workforce in order to maintain their household and/or raise children while the other worked. Regardless of the situation of either party, both should keep records before deciding the terms of their agreement.
Those who pay alimony are allowed to treat their delegated funds as tax deductible. It is also considered tax deductible income for the party who receive it.
Due to this, the person paying alimony should keep records showing how much they actually paid to their former spouse per the terms of their alimony agreement for tax purposes. That also goes for the person who receives alimony from the other party
If you pay alimony
If you pay alimony, you should keep the following records on hand:
- Lists that depict each alimony payment date, including the check number, address and the amount paid.
- Original copies of the checks used for payments, with notes regarding the month in which said payment was issued.
- Receipts for each payment, if paid in cash, signed by the recipient.
If you receive alimony
If you receive alimony, you should also keep the following records on hand:
- Lists showing the date that the payment was received and the amount received, in addition to the check number and account number of any financial document indicating the exchange of funds.
- Photocopies of any checks or money orders.
- Copies of any signed receipt received for cash payments.
Although some might find keeping records extraneous, it is important for tax related purposes and legal purposes, especially when determining the terms of the alimony agreement.
Divorce Lawyer – Gardena Lawyer Help For Alimony Agreements
Sometimes, issues with the terms of an alimony agreement may occur upon the eve of divorce proceedings. Therefore, you will likely need a divorce lawyer to resolve any problems regarding your alimony agreement.
Contact us for a free consultation or more information regarding our Gardena Divorce Lawyers or other questions about potentially hiring a lawyer for resolving issues with alimony agreements.