Are you separating or divorcing and wondering what the difference is between alimony and child support?
Alimony and child support are financial agreements that are related to one another but do not always go hand-in-hand. A large percentage of the time, alimony isn’t involved in child-custody agreements.
Still, there are several times when alimony and child support are two peas in a pod. Understanding these two terms can help you plan your post-separation properly.
Let’s take a look at the difference between alimony and child support.
What You Need to Know About Child Support vs Alimony
When a couple gets divorced, they may have to pay alimony or child support. Alimony is payments made to a former spouse to help them maintain their standard of living after a divorce. Child support is payments made to a former spouse to help them support their children.
How Are Alimony and Child Support Payments Calculated
There are a few key distinctions between alimony and child support. For one, alimony is generally paid by the higher-earning spouse to the lower-earning spouse after a divorce, while child support is paid by both parents to support their child or children. Secondly, alimony is often paid monthly, whereas child support is typically paid every week or two.
Finally, the amount of alimony or child support that is paid is typically calculated based on each spouse’s earnings, with the higher-earning spouse paying more. If you want to know more about how payments are calculated, you can check and get more info here.
Tax Implications of Alimony and Child Support Payments
There are different tax implications for alimony and child support. Alimony is considered taxable income to the recipient and is tax-deductible to the payer. Child support is not considered taxable income and is not tax-deductible.
In general, alimony is paid for a set period, while child support is paid until the child reaches the age of majority. However, there are exceptions to this rule. For instance, if the child is disabled, child support may be paid for an extended period.
What Happens if you Don’t Pay Alimony or Child Support
Alimony payments typically cease if the recipient remarries, whereas child support payments generally continue until the child or children reach adulthood.
If you are not paying child support, you may be held in contempt of court. They may be held in contempt of court and subject to penalties, including wage garnishment, seizure of assets, and even jail time.
Additionally, the other spouse may file a civil lawsuit against you to collect the money owed.
Here Are the Things You Need to Know About the Difference Between Alimony and Child Support
You should know the difference between alimony and child support. Alimony is paid by the supporting spouse to the dependent spouse, while child support is paid by both parents to support their child. Alimony is usually awarded based on need, while child support is based on a set formula.
Alimony may be awarded for a limited time or indefinitely, while child support typically ends when the child turns 18.
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