NAPLES, Florida. One of the biggest challenge divorcing couples with children need to face is coming up with a sound time sharing parenting plan and determining child support. While the state of Florida uses formulas to help couples determine required child support payments, child support may not always cover some of the hidden costs of raising children. For example, child support may not factor in the costs of sending a child to college. Parents who want to ensure that both parties contribute to a child’s college education, for example, will need to outline these requirements in their divorce agreement and parenting plan.
The cost of raising children has increased in recent years. Societal expectations put more pressure on parents to provide their children with enriching activities. In fact, many high school students can lose opportunities to attend certain colleges if their after school activities are not robust. In school districts that are particularly affluent, the race to the top can be costly and time consuming for parents. The New York Times reports that parents spend more money on child care, and on activities for their children. Women also face increased pressure to breast feed which can be time consuming and can interfere with career advancement if an employer isn’t understanding. The Times reports that college-educated mothers may underestimate the time and monetary investment required to raise children. It is important that mothers not underestimate these contributions when finalizing their divorce agreements. For example, if you stayed home to raise the children or gave up advances in your own career to support your family, you may be entitled to alimony or other support during your divorce.
A recent study looked at attitudes toward parenting between mothers and fathers. Mothers said they found parenting harder, while fathers didn’t note a difference. Mothers were also more likely to say that they couldn’t balance work and family life, while fathers didn’t report concerns. Researchers also found that when both parents work, mothers still do more of the share of household work than men do.
Many women who stayed home to support children seek alimony. However, a new tax law about to go into effect starting in January will change the way alimony payments are taxed. Under the current law, alimony is paid from pre-tax income, allowing alimony payers to enjoy a tax benefit. However, starting January 1st, alimony must be paid from after tax income. This can change the way that divorce agreements are settled because the tax break was often seen as an incentive for high earners to pay alimony. The Los Angeles Times reports that the new tax law fails to consider the unique financial burdens that divorced couples face. Yet, whether or not you agree with the law, starting in January, it goes into effect.
Are you thinking of getting divorced? If you are planning on getting divorced, and think alimony might be paid, it could be beneficial to finalize your divorce before January 1st. Long & Alguadich, P.L.L.C. are divorce lawyers in Naples, Florida who work closely with individuals seeking divorce. Our firm can review your finances, review the circumstances of your marriage and your family situation and help you seek a divorce settlement that protects your interests, rights, and finances. Visit us at https://lanaples.com/ to learn more about your rights under the law.
 

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