As part of your divorce, you may either pay or receive child support. Do you know what issues to raise and factors to consider with your soon-to-be-former-spouse?
Forbes offers three child support considerations to help you navigate this aspect of your divorce. Do not let a lack of information keep you from taking care of your shared children and financial health.
Child support trumps spousal support
Perhaps besides child support, you also pay or receive spousal support. If a judge later decreases your child support order, expect the same to happen to the spousal support order.
You may adjust a child support order
Rather than a judge, you or the other parent may change the child support order. The amount paid for supporting shared children depends on the time spent with the children, income, which parent pays for items such as healthcare and childcare, and how much an ex-spouse pays in spousal support.
If you or the other parent experiences a loss of income, earns a raise or comes into a major inheritance, your current child support order may no longer work. If not, you and your former partner may return to court to adjust the order.
Child support does not affect your taxes
Because of 2017’s Tax Cuts and Jobs Act, those who pay child support no longer deduct payments on their taxes, and those who receive child support no longer pay taxes for payments. This does not apply to split-custody arrangements. Instead, only a single parent may claim a shared child as her or his dependent and the resulting tax exemption. Parents may trade the exemption from year to year.
Not knowing laws and issues surrounding child support may not save you from incurring penalties. Getting the facts on the issue helps you, your child and your former spouse.
