The present study investigated whether perception of receiving emotional support mediates the relationship between one partner’s giving of emotional support and the other partner’s depressive symptomatology using a population-based sample of 423 couples from the Changing Lives of Older Couples study. A path model was used guided by the Actor—Partner Interdependence Model. Results indicated that spouses’ giving emotional support was related to the degree to which their spouse reported receiving emotional support. Perception of receiving emotional support, in turn, was related to lower depressive symptomatology of the support recipient. Both husbands and wives can benefit from emotional support through their perception of receiving emotional support, and spouses’ perceptions, as well as their actions, should be considered in support transactions.