Are Child Support and Alimony the Same Thing in Oklahoma?Putnam Law Office
If you are going through a divorce for the first time, there will be many aspects of your marriage’s dissolution that you will have to work out. For example, if you have children, custody matters are important. Dividing up assets and determining finances is another big one. While child custody and asset division are just two of the many elements of a divorce that must be considered, they are some of the most weighty and emotional.
First-time divorcees may go into the process with questions, but they will soon be immersed in the many different legal terms related to the proceedings. However, initially, there could be some confusion as to what various terms mean. Alimony and child support may be terms that a couple is somewhat familiar with without actually knowing what they mean and if they are the same thing or not.
If you are divorcing your spouse in Oklahoma, you may have many questions about what to expect and what to do. You would not be alone with feelings of insecurity, confusion, or anxiety about what is going to happen. For assistance, the experienced Oklahoma City family law attorney at the Putnam Law Office can provide more clarity and information throughout each step of the process.
The Difference Between Alimony and Child Custody
In some situations, a couple can divorce and divide up their wealth in a fairly straightforward way. Once the divorce is settled, each can go their own way and never have to cross paths again. In other situations, even if there is little physical interaction with each other after a divorce, there may still be financial ties.
Child custody and alimony may be two terms that seem pretty similar on the surface. But, if you are divorcing, you will quickly come to understand that they are, in fact, quite different and serve very different purposes. Also, the tax implications of each are another facet that makes them separate from one another.
If a couple does not have children, child support will not be a financial issue to be worked out. Though if they do, then child support must be handled. The money that one party pays to the other for child support is money that will be dedicated to going to caring for the children that the divorcing couple has together. Child support is not an indefinite reoccurring payment. Child support is only paid up until a child reaches a specific age. In terms of taxes, these payments are not tax deductible.
Alimony is a payment that one party makes to the other after a divorce to minimize the significant lifestyle change that could happen when an income is taken away. This payment is meant to take care of a former spouse, and for the party that has to pay it, it can be deducted from taxes. For the party that receives it, they must report it on their taxes.
Speak with an Oklahoma Divorce Attorney Today
Divorce can be difficult, and there are many things to think about and work out, including financial payments that may be required to be paid by one party in a divorce to the other. For help through your divorce and to secure the most favorable outcome, please call the Oklahoma divorce lawyer at the Putnam Law Office to schedule a free consultation at (405) 849-9149.