Everything You Need to Know Between Child Support and Alimony
It is everybody’s dream to have a successful marriage in life but under some conditions, such dreams can be shut down. However, before things get worse while married, make sure you know your rights. Since more problems have been reported with legal issues, read more now. Always be informed of the outcomes; before making a divorce. This website explains more some of the problems that might accompany you. As a matter of fact, many issues will rely on financial matters and the responsibilities of both of the parties as explained on this page. It is, therefore, very important to know the difference between, child support and spousal payment as discussed below.
The purpose of payment is the first thing you need to understand. There is no significant relationship between spousal and child support payment, hence click for more. After spousal separation child support is made to assist the child and not any other purpose. Child support intends to provide food, housing, medical care, and any other basic needs, discover more here. How the money is spending should be within the budget. This is meant to prevent any extra usage that is not for the child’s benefit. On the other hand, alimony is payment made to one party after separation and the main reason is to maintain the standards of living amongst the partners. There is no restriction on how the money will be spent by the receiver.
Tax policy. All citizens of a particular state must pay tax to the government, however the mode of payment matters a lot since tax relief is important. When paying for child support there are no taxable obligations for the receiving party. The income received by the second party is subjected to taxation because the money is treated as a regular salary.
Understand the terms of payment according to the law. It is very critical when it comes to legal matters, hence read more here. Child support is mostly controlled by the state laws and failure to adhere to it; one can take legal actions. In most cases child support can go up to when the child is 18 years but under some critical circumstances the period can be extended; learn more. For instance, if the child is joining college or university the payment can be extended until when the child is independent. No specific date for termination in case of spousal payment. You can just agree among yourselves if it is good to end such terms. Such termination can also be done by a court when each party stable or the paying party loss his or her job.