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.
- 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).
- 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).
- 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.
- 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?