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Alimony guidelines: Do you know what to keep?

When a couple goes through divorce, it doesn't necessarily mean each person can cut the other party out of their life. There are times when one person will pay the other alimony. This is based on a variety of factors, including but not limited to:

-- Age and health of both people.

-- How long the couple was married.

-- Future earning capacity of both individuals.

-- Standard of living maintained during the marriage.

-- Cost of education for the person seeking alimony.

In the event that alimony is awarded, it is important for both parties to understand their rights. Furthermore, both sides should know what types of records to keep.

The payer needs to keep the following:

-- A list of when each payment was made, including the check number and date.

-- Copies of each check used for an alimony payment.

-- Receipts for any alimony payment made by cash.

Conversely, the person receiving alimony should keep the following:

-- The date they receive each payment.

-- The amount of each payment.

-- The method of each payment, including the check number.

-- A copy of each check.

-- A copy of any receipt for a cash payment.

Just because a couple goes through divorce does not mean that one party will pay the other spousal support, but there are times when this occurs. If you find yourself on either side of this, make sure you remain organized and know which records to keep. This information may not sound important, but it could come in handy in the future if a dispute arises.

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