What should I think about when negotiating child support?
As you navigate your divorce in Ohio, you will eventually have to discuss child support. The court will usually make one parent pay the other parent based on who has physical custody of the children the most. This is to help balance out expenses for the care of the children and ensure they have everything they need. Child support can be a point of contention. The court has a formula it will use to help figure out the amount of support, but the court can also make decisions outside of the guidelines.
Forbes explains that whether you pay or receive child support. It is important that you understand how it works. There are actually a few important key points that you want to keep in mind about these payments.
To begin with, if you also receive spousal support, child support will take priority over it. This means you may not get as much in spousal support, you may not get as much. The court may also reduce spousal support at a later time to accommodate the child support.
That brings up the next important point about child support. You can have the court modify it. This could be raising or lowering the amount. Child support can change as your children’s needs and the income of you and the other parent change.
Finally, unlike spousal support, there is no taxation on child support. If you receive it, it is not income for tax purposes, and if you pay it, you cannot write it off as an expense on your taxes.