While tax season may be half a year away, if you are thinking about a divorce or deep in the middle of the process, you should remember to always consider the tax consequence of your choices. There are many elements of a divorce that affect your taxes and many of the financial elements of your divorce should be calculated in light of how taxes will affect the actual sum you may receive.
Trust is often one of the first victims of a divorce. The parents of the children no longer trust each other. This causes many additional problems for the continuing relationship that the parents must retain, and may lead to an increasing reliance on judicially ordered actions.
For parents who have divorced, one of the most important elements of the divorce settlement is the child support obligation. It is important to the parent who receives the payment, to help with the cost of raising the child, and it is important for the parent making the payments, as child support obligations are virtually impossible to eliminate and can have damaging consequences if you fail to make those payments.
Child support payments are often a contentious subject for many couples involved in a divorce with children. While the amount of the child support payment is mechanical, in that the Missouri legislature has created a formula and there is a table that indicates the amount of support owed for a specific gross income.
Child support payments are unlike other types of family legal issues in that they are not resolved with a onetime agreement or transaction. Orders for child support can be in place for years or decades, making it very possible for changes and disputes to arise over time and upset a current arrangement.
Child support remains an issue of great importance many residents of Missouri and their children. After a divorce or when unmarried parents separate, the custodial parent may be entitled to child support payments from the other parent. The purpose of child support payments is to ensure there are adequate funds to cover the expenses the custodial parent incurs as a result of their having the child or children most of the time.
Last time we were discussing the issue of modification of child support payments. This is a difficult process because the Missouri legislature has required that a court can only modify this child support obligation if there is proof of a substantial and continuing change that the current payment becomes unreasonable.
There are various aspects to divorce, and family law matters get further complicated when children are involved. There is a lot on the line with kids. Parents' relationships with their children are at-risk. The well-being and emotional stability of the kids is important to protect. And the financial security of the parties is impacted by family law issues and disputes.