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Helton Law Firm, PLLC

Tax implications for child support post-divorce

Tennessee parents who are considering or beginning divorce proceedings might wonder what the tax implications are for the change in marital status and for any financial support they receive from their ex-spouse. It is beneficial to understand how a divorce will impact tax filings before the negotiations for support have started.

Financial support in the form of alimony and child support has different tax implications that affect both the person paying the support and the person receiving it. While alimony is deductible to the person who has to pay it, child support is not deductible to the person who pays it. This can affect the how the total financial support amount is divided and stated in the divorce decree. This is particularly important as each of the ex-spouses will be filing as single or head of household for the year when their divorce happened, and the wrong information can severely affect the amount of taxes paid or the refund received. To avoid any surprises, each person must check to make sure their social security number is no longer linked to their ex-spouse's social security number. Surprises can also be avoided when each spouse has a clear understanding of their finances.

Raising a child can be an expensive endeavor, and this must be taken into account when negotiating child support amounts between the ex-spouses. Additionally, for some families, the child support received can also impact their standard of living, so it is important to make the right decisions during the negotiations.

The legal and tax implications of divorce can be hard to understand. For many divorcing couples, seeking the advice and guidance of a family lawyer might be an option that can save all involved further stress and worry.

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