6 March 2012 0 Comments

Financial life after a divorce

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The divorce decree may be signed, but is the divorce process really over?  Filing for divorce will change many aspects of your life and affect your future for a very long time.

When the divorce court orders spousal support to be paid, both spouses should keep records in the event of a spousal dispute or question from the IRS.  Spousal support is tax deductible for the paying spouse and taxable income for the receiving spouse. Without records, the paying spouse could very well lose the tax deduction or be ordered to pay back support.

On the other hand, the receiving spouse should keep records that include the date and amount of payment, check number, account number and bank name, and keep a copy of a signed receipt for cash payments.

Finances can have a serious impact on your life, even after the divorce is finalized.  If you have any problems or questions regarding your finance matters, contact an experienced Riverside Divorce attorney who will help you make sure you get financial stability.

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