What should you consider when deciding child support payments?

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What should you consider when deciding child support payments?

You may have several conflicting emotions about your soon-to-be-former spouse, but you do not feel conflicted in the slightest about wanting to take care of your shared children. How should you structure child support in your divorce agreement?

Forbes offers factors to remember for helping to care for shared children after finalizing your divorce. Learn how to create an agreement that fits your desires and provides for your loved ones.

Child support trumps spousal support

The parent who receives child support likely also receives spousal support. If a court later decides you do not need the same amount of child support, you may anticipate a reduction in spousal support, too.

You may change child support payment amounts

Besides the court, you or your soon-to-be-ex-partner may initiate a child support modification. Courts determine payments according to a person’s income, time spent with shared children and how many shared children the former couple has. If those factors change, one person may request a child support payment modification. Either parent may ask for a reduced or increased payment, depending on if either loses a job or earns a raise.

Child support does not affect taxes

Because of new legislation, receiving or paying child support does not positively or negatively affect your tax bill. That means the parent paying child support cannot deduct those payments from taxes, and the parent receiving support does not pay taxes for payments. Further, only one parent may claim a shared child as a dependent.

Understand all angles involved in paying and receiving child support. Educating yourself may help you sidestep nasty surprises later on.