When it comes to financial interactions, many individuals in Colorado and elsewhere may consider it vital to keep a detailed record of all transactions. This may be no different for those who are going through a high\-asset divorce, as keeping records of transactions such as those pertaining to spousal support payments could prove beneficial in a variety of ways. However, without previous experience in the area, knowing what to keep track of could be challenging.
Regardless of whether one is making or receiving spousal support payments, it may be advisable to keep a record of the amount of each payment and the dates on which they are made. If the payment is made by check, one could also find it beneficial to keep a copy of each check, and if possible, obtain documentation showing the check was cashed. For other payment methods, such as cash payments, it might be advisable to keep a copy of any receipts associated with these transactions.
Keeping a detailed record could prove beneficial in a variety of scenarios. Should any disputes arise concerning spousal support payments, these records could have a substantial influence on the process. Maintaining detailed documentation of spousal support payments could also help protect a person against certain tax ramifications should an audit take place.
Going through a high-asset divorce can be a stressful experience, and knowing what to expect throughout the process can prove difficult at best. Fortunately, there are attorneys who can provide a person in Colorado with guidance in every aspect of divorce. A family law attorney can assist a client in pursuing a favorable outcome during divorce proceedings and provide further advice on the information to keep track of once the process is finalized.
Source: FindLaw, "Alimony Guidelines: What Records to Keep Regarding Your Alimony", Accessed on May 21, 2018