Financial Support Strategies After Divorce or Separation
When marriages or domestic partnerships end, life must change to accommodate a new family structure. These family shifts require a clear assessment of financial issues to help families maintain living standards, especially when children are involved.
The Davis Law Office of Yasmin Cogswell Spiegel has in-depth knowledge of financial support and related issues. We can help you evaluate and pursue the support you will need, including:
- Child support
- Spousal support, also called alimony
- Partner support
Financial support in California is calculated using statutory guidelines. The amount you receive or will be required to pay is based on multiple interactive factors. Yolo County attorney Yasmin C. Spiegel understands the variables that will determine your support level and ways to address your need and your children's needs for financial assistance.
Spousal support can be provided on a short-term basis which lasts until a divorce is finalized. It can also be granted on a long-term basis following factors contained in Family Code Section 4320, which include such considerations as age and health of the parties, the length of the marriage, what the parties enjoyed as a lifestyle, whether the supported party requires retraining and other factors. Depending on your situation, you could receive or be required to pay child support according to a statewide guideline until your child reaches the age of eighteen years and has graduated from high school, or other factors as determined by law.
Tax Implications
Child support, spousal support and domestic partnership support payments are each treated differently by the Internal Revenue Service for tax purposes. Before you agree to any arrangements, you should consider the related tax implications.
Family Support
You may benefit from a hybrid form of child and spousal support called Family Support. This type of financial support can better serve the interests of both the paying party and recipient.
The computer-generated calculation is formulated specifically to maximize tax savings to both parties. For the payor, the ultimate number is larger than it would be if you were paying separate child support and spousal support. The tax burden is shifted to the recipient, who is in a lower tax bracket than the paying party. Though the combined support payment may be larger, the resulting tax benefits can outweigh that burden on both parties, thus benefiting both households and ultimately, the children.
Contact a Lawyer Today to Initiate Support
To discuss your legal options, including tax-based solutions for child or spousal support issues, please call us at 530-554-9241, or send us an e-mail.
