A critical part of raising a child is to support them and their needs, both emotionally and financially. Even if a child's parents are not married, the responsibility to financially support the child often remains.
When parents get a divorce, one parent will almost always have to pay child support – even if they share joint custody. After all, in Virginia, children are entitled to access the same amount of financial support they would receive if the family still lived in one household.
Nowadays, blended families seem to be the norm. Statistics show that 16% of children live in a blended family. This could be the result of their parents remarrying after a divorce, as well as parents having children from a previous relationship.
Sending kids off to college can be an emotional ordeal. After all, nowadays, college is considered one of the first steps towards adulthood.
In a marriage, it is common for one spouse to take on most of the financial responsibilities. Perhaps they are more inclined towards math, so they keep track of all the couple's finances.
Almost 40 million people in Virginia and around the country receive benefits administered by the Supplemental Nutrition Assistance Program to help them pay for food. The rules governing the program, which is sometimes referred to as food stamps, are laid down by SNAP regulations and the Food and Nutrition Act of 2015. The rules allow states to deny SNAP benefits to custodial and noncustodial parents of children under the age of 18 when they refuse to cooperate with support agencies, but few states actually implement these restrictions.
When Virginia couples get a divorce and one person has to pay child or spousal support to the other, the court will take several factors into account in determining the amount. In addition to the regular salary a person earns, a court will look at other types of compensation. This could include deferred compensation, corporate retirement account contributions, and interest and dividends.
When parents in Virginia file their federal income tax returns, they can generally claim their children as dependents. However, if they are divorced or separated, they should make sure that the other parent is not claiming the children as dependents as well. If multiple people claim the same dependents, the Internal Revenue Service will have to take a second look at those returns and determine who can actually claim those dependents.
Virginia couples who split up after having kids will probably need to negotiate child support. This can be complicated for a number of reasons. However, there are some basic concepts related to child support that all parents should know in order to make the process easier.
Some former Virginia couples come out of a divorce after having had a relationship where the dependent spouse relied on outside sources for financial advice. When transitioning back to a single life, some dependent spouses prefer to continue to use the same set of financial professionals they relied on when married. However, it's generally advised that former spouses looking to make a clean break select their own financial team post-divorce, especially if it was the other partner who picked the other financial experts in the first place.