Child support is paid to the spouse who cares for the children the majority of the time. These payments are meant to assist with food, clothing, housing, education, and healthcare expenses. Unless a divorcing couple formally agrees otherwise, child support payments stop when the child turns 18. Unlike spousal support, child support payments are not taxable to the receiving parent.
States differ as to how they determine minimum child support payments. In general, the payments are based on the income of each parent, and are intended to maintain the child’s standard of living as it would have been had the parents stayed married. To that end, child support orders may also include contributions toward future medical or dental expenses (like braces), summer camp, college tuition, and the like.
Cathy will work with you to determine how much monthly child support payments should be according to state guidelines. Then she will make recommendations as to what arrangements you and your divorcing spouse could make for extra expenses and cost of higher education.
Cathy DeWitt Dunn is a Certified Divorce Financial Analyst (CDFA) based in Dallas, Texas and is dedicated to helping her clients understand the financial aspects of divorce so that they can make educated decisions throughout the proceedings.