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.
In a divorce, it is normal to have serious concerns regarding how the process will affect future interests and financial security. Through alimony, a lesser-earning spouse can have the support he or she needs to address the economic inequity that a spouse can experience in a divorce. There is no one-size-fits-all amount of support, and the exact amount and duration of the payments depends on the specific details of the individual situation.
Wyoming parents who are going through a divorce might be understandably worried about their financial stability. From dealing with things like living on a smaller income to maintaining the marital home or family vehicle, parents might be most worried about the costs of raising a child. Child support generally helps parents with primary custody balance the daily expenses involved with child-rearing, but sometimes their exes refuse to pay.
Money is a sensitive subject. It can cause people to behave differently than they normally would and can cause arguments between even the closest of family members and friends. One of the most dreaded parts of a divorce for many couples is coming to an agreement on finances, especially alimony. Some couples currently going through a divorce, however, are working together and making an extra effort to come to an agreement on their financial arrangement before the end of the year. Divorcees in Wyoming and across the country are attempting to get their arrangements finalized before tax laws change in 2019.
When going through a divorce, parents put the most care and consideration into the decisions that involve their children. There are times, however, that circumstances change, and the decisions that were based on what made the most sense at the time have to be changed at a later date. Child support arrangements, although carefully constructed at the time of divorce, often have to be modified later on. There are several situations that will lead a Wyoming court to modify a pre-existing child support order.
As Wyoming spouses prepare to end their marriage, a long list of to-do items awaits. Determining which of these tasks should take priority over the others is not always easy. Financial matters should rank near the top of that list, however, because there will be expenses that need to be taken care of well before matters of alimony and/or child support are finalized.
When a Wyoming couple or others around the country go through a divorce, there are countless issues to resolve. This is particularly true if the couple has children. Often, one parent is required to pay child support to the other to provide financial help in raising the children. Unfortunately, not every person who should pay child support does so. While these individuals may offer up a variety of excuses about why they don't pay child support, a judge in another state recently made efforts to squash one reason that is frequently given.
The Tax Cuts and Jobs Act that was passed last year by Congress created many changes for individuals and businesses alike in Wyoming and all across the nation. In particular, those couples whose divorces will be finalized in 2019 will witness a major shift in how alimony will be taxed. While this change will be apparent when each subsequent tax season rolls around, it will also have farther-reaching implications into future retirement planning.
Past-due credit card debt, delinquent personal loans or medical bills are no longer a worry if a person is collecting Social Security benefits. However, if money is owed to the U.S. government in the form of child support, alimony or income taxes, benefits may be in jeopardy of garnishment. In Wyoming and other states, creditors can still take legal action against other assets to recoup debts owed to them.
One of the most difficult-to-navigate processes of any divorce is negotiating spousal support. Experts say after everything else in a divorce has fallen into place, alimony is typically the last piece that completes the puzzle. In Wyoming and other states, preparation is often the best defense during complex alimony negotiations.