Child Support and Your Financial Future
Whether you are paying or receiving child support, it will have an impact on your financial future and the future of your child. The attorneys at the law firm of Moraitis & Raimondi, LLP, are committed to providing you with the advice you need to make informed decisions regarding child support and your finances. With decades of experience handling child support issues, we can answer your questions and help you anticipate potential financial issues that may arise down the road.
Bankruptcy and Child Support
Bankruptcy can be one of the most disruptive financial events in an individual’s life. Combined with a divorce or support dispute, it can become particularly complex. However, your child support order is not directly impacted by a bankruptcy.
If you pay child support and are considering bankruptcy, it is important to remember that you cannot discharge child support or alimony obligations through bankruptcy. Likewise, if you receive child support and are going through bankruptcy, those funds will be treated as exempt property.
Taxes and Child Support
If you are receiving child support, then those payments are not part of your taxable income. If you are paying support, those payments are not deductible but you may be able to claim your child as a dependent. We can advise you on your legal obligations and options and make sure you receive the tax advice you need as it relates to your child support.
Other Financial Considerations
The future is unpredictable, and there is no telling when a significant health problem or other life event can have a financial impact on your child support and finances. Our attorneys can help you resolve whatever issues may arise regarding your child support obligations.