Child Tax Credits And Orlando Divorces
One of the many important issues that must be resolved during a divorce is determining who will take tax deductions for children. This is sometimes a contentious issue, especially in states like Florida where there are no specific laws governing the allocation of these types of tax deductions.
Who claims a kid on taxes depends on a variety of factors. When negotiating the terms of a Florida divorce, all of the financial documentation will need to be reviewed so an agreement that is acceptable for both parties can be identified, drafted, and agreed upon. A seasoned Orlando divorce lawyer can help.
Is It a Joint Physical Custody Arrangement?
When determining who will take tax deductions for children after a Florida divorce is finalized, the first thing to consider is the child custody arrangement. In Florida, custody is typically awarded based on what is in the best interests of the child. This means that the court will consider a number of factors, including the child’s relationship with each parent, the parents’ ability to provide for the child, and any history of abuse or neglect.
If one parent is awarded sole physical custody of the child, then that parent is generally entitled to take the tax deduction for the child. However, if the parents have joint physical custody, then determining who gets to take the tax deduction can be more complicated. Often parents agree to alternate taking the tax deduction each year, but your case may have unique financial consideration to review.
It’s important to note that even if one parent is awarded the tax deduction, the other parent may still be able to claim certain tax credits related to the child. For example, if a child is enrolled in a qualified education program, both parents may be able to claim the education tax credit on their tax returns.
Maintaining detailed records of your household budget and your expenses related to your child is helpful in the process of securing fair terms. Documentation to gather includes things like medical bills, child care expenses, and education costs. Having accurate and up-to-date records means a well-crafted divorce agreement is in reach.
Is Your Co-Parenting Agreement Thorough?
To ensure that the tax deduction for a child is allocated properly after a Florida divorce, work with an experienced family law attorney. A lawyer can help to negotiate a fair co-parenting agreement between two parents or can represent one parent as they push for the terms they are seeking.
To be sure your interests are protected, seek the guidance of an Orlando divorce lawyer. And if you need the expertise of a financial planner or tax specialist, your attorney can connect you with those resources as well.
Are you worried about the tax implications of divorce? There are professionals who can guide you through the process. The experienced family law attorneys at Donna Hung Law will inform you of your options and work diligently to obtain the divorce agreement you are seeking. Call 407-999-0099 to schedule an initial evaluation.