Child Support vs. Alimony
Sunday, May 10th, 2009 at 9:30 pm
Divorce is not just an emotional issue; it’s also an economic one. A good divorce attorney will save you more money than you realize. On the other hand, a bad one will cost you thousands just on the initial settlement.
Many financial issues revolve around the actual agreement for divorce. And the two main ones are child support and alimony. Child support payments are not deductible by the payer and not taxable to the payee.
On the other hand, alimony payments are completely different. These payments are deductible by the payer and taxable to the payee.
Fixed payments for child support are not considered as alimony. These are separate payments ruled by the divorce court as support for the child. Each state has guidelines that describe the inclusion of child support. Most of the time, the parent is willing to commit more support for the child than what’s required by the state.
But if the parent has very little income, then child support will be prioritized more than alimony. One important principle in divorce law mentions that the child’s best interest is more important. Therefore, alimony is discussed only after the needs of the child have been provided for.
Child support expenses include electricity, rent, food, and other general expenses needed to take care of your child such as repairs, laundry, and transportation. To make sure that your child is well provided for, ask the help of an experienced divorce attorney to guide you through the complicated divorce proceedings.
Tags: alimony, child support, Divorce, divorce attorney