When Florida parents get a divorce, arranging for child support may be necessary. It’s important to remember that these payments are not taxable or tax-deductible. However, the parent who the child lives with more than half the time is usually permitted to claim a dependent on their taxes. This could result in some significant savings. Parents who share custody might agree to take turns with this claim.
Every state has a formula for calculating child support; although, most take similar factors into account. These include income and costs related to raising the child, such as education and health care, along with how much time the child spends with each parent.
Once an amount is set by a court or agreed upon by parents, child support can be modified. The court may agree to raise or lower a child support amount due to changed circumstances. These could include a parent receiving an inheritance or another boost in income. However, such a modification may be more likely if the payer experiences a loss of income for a reason like disability or job loss. Parents must petition the court to receive a modification.
Decisions about child custody and visitation are among the most difficult in the divorce process. This is why both parties in a divorce may want to obtain legal representation. Once the divorce is final, parents usually try to work out differences without going to court. However, there are reasons to return to court. For example, if one parent decides to relocate and it is going to affect the custody agreement, the court may need to be involved.