Physical custody and child support in Alpharetta are some of the most significant issues parents must reach arrangements for when divorcing. It is also important to understand that the physical custody arrangement parents put in place may affect both child support and taxes.
A well-versed team of physical custody lawyers can help you understand this relationship. By working with an experienced attorney, you can reach a plan that makes the most sense for your family.
Child support payments are affected by each parent’s degree of physical custody. The child support calculator assumes that there is a primary physical custodian that the children live with the majority of the time.
However, this is not always an appropriate arrangement for a family. To account for unique situations, there is a calculation called a parenting time deviation, which allows for different support agreements. The law is not very clear on exactly how to implement that parenting time deviation, meaning it could vary based on the judge. This parenting time deviation could be used to change the child support amount in a way that makes more sense based on the specific circumstances.
The most common example is parents with joint physical custody, meaning they equally split custody. In this scenario, there may be a parenting time deviation where neither parent pays child support to the other.
On the other hand, more financial support may be required of parents who spend less time with the child. However, this is in the judge’s discretion and not mandatory. An attorney can help determine what arrangement may make the most sense for a family.
There is a relationship between physical custody and tax status. Previously, the primary physical custodian could claim the children under a dependency exemption. However, recent changes to the tax code have gotten rid of the child dependency exemption.
There still is a child tax credit, which is determined by where the children reside primarily. If the children are with one parent 51 percent of the time, the IRS considers that person the one to claim the children on their taxes. In a custody situation where the parents share equal parenting time, they would generally alternate years for being able to claim the children. A lawyer can help explain how custody will affect a parent’s taxes in Alpharetta.
There are several reasons why parents should consult with an attorney when seeking physical custody of their children. One of those reasons is to understand the relationship between physical custody and child support in Alpharetta.
Knowing how to create a plan for physical custody and child support can be difficult; further, many parents do not fully understand how their custody arrangement affects their taxes. Because of that, it is important to speak with a highly qualified attorney who can help you fully understand the implications of a custody arrangement. Call today to speak with a member of the team.