Getting divorced is one of the most significant life changes that you can go through. There is often so much to consider that various items can get lost in the chaos. It is important to your financial future that you work to untangle your finances from your spouse as quickly as you can. The last thing you want is for someone you no longer trust to have access to your funds. An Oklahoma divorce lawyer can help you work out a plan for alimony or child support.
The Primary Differences Between Alimony and Child Support
Depending on the length of your marriage and whether or not there are any children involved in your divorce, you may be required by the court to pay either alimony or child support, sometimes both, to your former spouse. If your divorce was uncontested and worked out amicably with your spouse, you may already have a viable plan in place for alimony or child support that you and your former spouse have already agreed upon. This may not be the case for many people.
The main difference between child support and alimony, also called spousal support, is who is supported by the payments. Both alimony and child support are court-ordered financial assistance intended to provide additional help to the lesser-earning spouse in the event of a divorce. Alimony supports the spouse, while child support is intended to pay for the child’s welfare.
Alimony is intended to help the spouse who is earning less money. It provides them with a financial boost while they try to change their situation and earn more for themselves. Alimony may last for years, or it could be temporary.
Additionally, not every divorce will result in alimony payments. If both spouses earn a significant amount, or at least enough to keep themselves afloat, and their jobs won’t be impacted by the divorce, there likely won’t be any alimony.
Child support is quite different. Child support is a monthly payment from the noncustodial parent to the custodial parent. Not every divorce is going to result in child support payments. This form of support is intended to pay for the child’s food, clothing, education, housing, and even medical care. If the noncustodial parent’s monthly income is too low, the court may not order them to pay child support.
How Are Alimony Payments Determined?
In order to determine whether alimony payments are necessary in the aftermath of a divorce, the court will need to take many different factors into consideration. These factors may include the earning capacity of both spouses, the current and future employment situations of both spouses, living expenses, asset division, and each spouse’s age at the time of the divorce.
Depending on the time of your divorce’s finalization, your alimony payments could be considered taxable income by the Internal Revenue Service (IRS). On the other hand, child support payments are not taxed because child support is not considered taxable income for the one receiving it. It’s also not tax deductible for the parent required to pay for it.
FAQs
Q: Why Is Child Support Not Considered Tax Deductible?
A: Child support payments are not considered tax deductible by the IRS because it is seen as a financial necessity for your child’s welfare, not as a court-ordered bonus. It’s not considered taxable income for the receiving parent, and it is not considered tax deductible for the paying parent. Overall, child support is viewed as paying for your child’s welfare, even from afar. It’s what you are supposed to do as a parent.
Q: How Is Child Support Calculated in Oklahoma?
A: In the state of Oklahoma, child support is calculated using the Income Shares Model. This model takes into consideration the total combined income of both parents. First, you calculate the adjusted gross income (AGI) of both parents. Then, the court adds up the percentage of the total amount that each parent contributes.
The court then adds the combined AGI amount to the Oklahoma Child Support Guideline Schedule. From there, the judge uses the guideline to determine the final amount.
Q: What Type of Action Would Stop Alimony Payments for Good?
A: In Oklahoma, there are many different reasons why alimony payments would stop for good. Generally, alimony payments stop automatically when the recipient remarries or dies. Even if the spouse receiving alimony starts living with their new partner, the court may decide to either modify or end alimony payments altogether. If either spouse has a significant financial change, that could be enough to end alimony payments if the situation allows.
Q: How Long Does Alimony Last in Oklahoma?
A: In Oklahoma, alimony payments generally last as long as it takes for the receiving spouse to become self-sufficient. There is no real official timeline for how long this can take. Everybody’s situation is different. The amount of time that alimony will last is generally decided by how long the marriage lasted. The general rule of thumb is that for every three years of marriage, alimony will last for one year.
Reach Out to an Experienced Divorce Lawyer Today
Nobody enjoys getting divorced. It can be an overwhelming, frustrating, and confusing process, especially if you are trying to do so on your own. Enlisting the help of an experienced divorce lawyer can only benefit you in the long run. When determining alimony or child support, it can be difficult to figure out the exact number you need to pay on your own. You may not even know how much is considered fair, and you could be blindsided by the court’s ordered number.
The legal team at Stange Law Firm understands how frustrating the various elements of a divorce can be. It’s important to have someone in your corner who understands all of these elements, can take charge of your case, and allow you more time to focus on your new normal. A good divorce lawyer can make all the difference in your case. Contact us to speak with a team member about a consultation.
