As the noncustodial parent, you will likely owe child support. The amount is generally established based on Utah child support guidelines calculations, with some room for negotiating a fair monthly amount. In addition, you can negotiate with your spouse to reduce your future tax liability. The actions you take during mediation can put more money in your own pocket during the years following your divorce. Only one person can claim a dependency exemption and a child tax credit for each qualifying child on a tax return for a given year. Consistent with the law’s child residency requirements, the IRS allows the custodial parent to reap the benefits if your divorce decree is silent on the issue. However, your spouse is permitted to transfer these exemptions and credits to you, which can significantly reduce your tax liability. To do so, your spouse must sign and you must submit IRS form Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent. You can negotiate to receive this tax-saving benefit every year or on specified years. Many couples agree to alternating years. Should You Modify Your Decree of Divorce?As time passes and circumstances change, some aspects of your final divorce decree can be amended by a petition to modify the original terms. As a Long Island divorce lawyer, I can confirm that modifications are common in today’s challenging economic times. Economic hardship may also cause the custodial spouse to relocate to find or to continue employment. This can result in a request to modify the terms of custody and/or visitation, allowing the spouse to relocate beyond the radius originally agreed upon and an overall change to the agreement, for example transferring custody to the parent who isn’t moving, so the child can remain in the same school. Rising costs of health care and child care can also be addressed through modification, as can additional expenses such as college tuition that may not have been addressed in the original decree. Of course, not all modifications result from gloomy circumstances. For example, a major increase in income may encourage an ex-spouse to share the wealth by increasing the amount of spousal or child support. Child Support Lawyer Free ConsultationIf you have a question about child support or if you need help with taxes, please call Ascent Law at (801) 676-5506. We will help you.
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8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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When Your Minor Child is Pregnant How to Get a Good Divorce Settlement If I Can’t Afford a Lawyer? If I File Bankruptcy Do I Have To Go To Court? via Michael Anderson https://www.ascentlawfirm.com/child-support-and-taxes-in-divorce/
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About MeIn 2009 I was creating marketing channels for barbie dolls in Nigeria. Spent a weekend implementing dogmas in Naples, FL. Won several awards for writing about toy trucks in Mexico. Spent 2001-2007 analyzing deodorant in Pensacola, FL. Spent 2001-2004 researching heroin in Miami, FL. Enthusiastic about writing about clip-on ties in Naples, FL. Archives
June 2019
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