What should a parent know about child support?

What should a parent know about child support?

On Behalf of | Apr 16, 2019 | Alimony And Child Support, Firm News |

Divorce is a complicated, often emotionally-charged process, and both parents and children will have to adjust to new circumstances once the process is final. One significant factor that could impact post-divorce life is the payment of child support. The intent of this specific type of financial support is to provide the custodial parent with the resources necessary to meet the needs of the kids.

It can be helpful for Wyoming parents to know what to expect regarding child support payments. One important consideration to remember is that it is possible to modify a child support order in the future. This means that if a parent experiences a job loss and cannot pay or the kids need additional support for important medical concerns or other financial issues, a parent can petition the court to change the order.

For a parent paying child support, this is not a tax-deductible expense. Parents receiving these payments do not have to pay taxes on them as income. The specific amount of child support one Wyoming parent may have to pay to another depends on a specific formula to determine an appropriate amount. This considers things like income, the needs of the kids and more.

When facing divorce, a Wyoming parent may want to make the effort to learn more about potential financial obligations or what he or she could expect to pay. Having reasonable expectations regarding child support can help avoid contentious fights over what is often a hotly disputed issue between parents. Child support is for the benefit of the children, but parents can still fight to protect their own rights and financial interests as well.