Divorce And Your Money - #1 Divorce Podcast

This episode of the Divorce and Your Money Show is about child support. This one of the most essential issues of divorce when children are involved. We will answer some basic questions about child support in this episode.   What is child support?  It is a mandatory payment that occurs during divorce whenever there are minor children present (under the age of 18 or 21, depending upon your state). Child support lasts until the child is an adult. The only exceptions are some children with disabilities who require support into adulthood. From a tax perspective, child support is not taxable income to the person receiving it, and is not tax-deductible for the person paying it. This differs from spousal support – the person who receives spousal support pays taxes, and the person paying it receives a tax deduction.   Who gets child support?  The parent who has primary custody of the children receives child support. In the case of 50/50 child custody arrangements, there is usually one parent who is considered the guar