Do you know these facts concerning child support?

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Do you know these facts concerning child support?

| May 24, 2021 | Child Support |

Perhaps you feel more than a little anxiety, worry and fear concerning your divorce, especially regarding child support. Do you know what issues to raise with your soon-to-be-former-partner?

Forbes offers a few child support considerations to remember. Learn how to frame the conversation around a vital aspect of your split.

Child support no longer affects taxes

In 2017, the Tax Cuts and Jobs Act changed how child support alters your tax bill. Now, the parent receiving child support does not pay taxes on that financial support, and the parent paying child support no longer deducts those payments on taxes. Still, if you and the other parent decide on split-custody, only one of you may claim your shared child as a dependent.

Parents have the option to modify child support

Whatever child support arrangement you and your current spouse work out now does not have to remain the same for the rest of your lives. If one of you loses a job or otherwise experiences financial hardship, you may work together to reduce the child support amount. Alternatively, if one of you earns a promotion or comes into a sizeable inheritance, you may increase child support payments.

Spousal support takes a backseat to child support

You must remember that courts view child support as more essential than spousal support. Should a judge determine you or the other parent does not need as much child support, expect to receive or pay reduced spousal support, too.

You do not have to feel overwhelmed or wallow in confusion concerning child support. Arm yourself with facts and dependable information to ease your worries and take care of your child.