Divorce

I got a divorce few years ago. I had two kids with the former spouse and this of course meant paying child support. There were so many things I wish I did… I am sharing all those here so that you can avoid getting into a situation like mine.

  1. Claiming Kids in Tax Return
    • Make sure you have something in writing (divorce decree) that you are able to claim your kid(s) as a dependent. Even if you are not able to do so every year, that helps you tremendously. I am currently paying about $2,000/month and this equals to $24,000 after TAX! You can get some of the money back as a tax return.
    • One huge benefit your spouse would get is a huge chunk of money coming in without a need to pay for tax. Basically you are paying more than what you are actually paying, considering the tax you are paying for the child support (technically).
  2. Make it clear when to stop paying
    • If you have multiple children or even just one, make sure that the divorce decree makes it clear that when a child becomes independent, you stop paying for child support. You do not want to get into a situation where you keep paying for child support until kids turn 22 (throughout college).
  3. No commitment to paying college tuition
    • Because college tuition increases year after year, you do not want to commit to paying for college tuition. Your spouse (former) should be responsible for opening a college fund and start putting child support money into it.
  4. Fight, fight, fight
    • If your ex cheated on you or whatever reason that goes against them, try to fight back. I was so depressed (not by getting a divorce) and just wanted to get a divorce, I did not fight. It was my biggest mistake. Make sure to fight even if it takes you longer to get a divorce.

I am not a lawyer so don’t take all that as legal advice but make sure to take the right steps before getting a divorce. It’s not only for your favor but also for kids. Because you are not happy/cannot make ends meet, how can they be happy?