In our last post, we talked about spousal maintenance and the important role that this serves in the world of Kentucky family law. Often called alimony, this form of financial support for one of the spouses in the wake of a divorce is calculated based on a number of different factors. But today we want to talk about what each spouse should do after spousal maintenance is awarded. There are significant records that need to be kept and maintained so that both spouses can utilize the spousal maintenance situation properly.
First, a w rod about taxes and spousal maintenance. Currently, the spouse that pays maintenance can deduct those payments from his or her taxes, while the receiving spouse must include it in their taxes. This will all change on December 31, 2018, but in the meantime, that is the law.
Given the importance of this, it is crucial for the spouses involved in the alimony agreement to track their payments by keeping records of each individual payment. Record the basic information — such as the date of the payment, the addresses used for the payment, the bank used for the payment, the check number, and the amount of the payment — but also include some other details, such as the type of account used or a carbon copy of the check if possible.
If a check isn’t used for the payment and cash is utilized instead, make a paper receipt that is signed by both parties to acknowledge the transaction.
Source: FindLaw, “Alimony Guidelines: What Records to Keep Regarding Your Alimony,” Accessed March 26, 2018