When Louisianans part ways as a couple, there will be a great number of issues that will be in dispute. Child custody is always a complex matter. Frequently, both parties will want to be the custodial parent. While the courts will determine custody and visitation rights based on the child’s best interests, financial considerations are also part of the process. Much discussion will be centered around support, but for the custodial parent and the noncustodial parent, taxes are a consideration. The new tax laws that were implemented this year have fundamentally altered the way taxes are paid. Understanding the changes and how they impact parents may require legal advice.
After a divorce, a parent can receive significant tax breaks. The custodial parent will receive the tax breaks but can choose to release the right to take them. There are certain requirements for the noncustodial parent to get the tax breaks.
More than half of the child’s support must be provided by one or both parents. One or both parents must have custody of the child for more than half the year. For the noncustodial parent to get the tax breaks, the custodial parent must sign a written declaration releasing their right to claim the child as a dependent.
Child custody is generally viewed as an emotional tug-of-war between the parents, but there are also financial ramifications that must be considered. When getting a divorce and assessing all aspects of child custody, having legal assistance is key. A law firm that helps people with family law issues should be called for advice.