You’d be surprised. A lot of people hand over a pretty big chunk of change each and every month to someone who gets it tax-free. That’s right, the recipient of child support gets the money tax-free. On a related note, the person paying does not get to write it off their taxes.
The recipient of child support (not your kids) can spend the money at their discretion. That’s right, there is absolutely no accountability as to how the funds are handled. You have to assume the funds are being used for the benefit of your children.
If you think they aren’t, good luck proving it. Unless you can absolutely prove your kids are really suffering as a result of mishandled funds, you’ll just have to live with handing over money to a black hole each and every month.
But, I digress. As frustrating as the above may be, it isn’t what I’m getting at but it inspires the following.
Everything is negotiable. Remember that. So how about if you negotiate on how a portion of the money will be spent?
HERE’S A THOUGHT FOR THAT CHILD SUPPORT MONEY
What if you both agree that a certain percentage of that monthly income goes towards your children’s college savings? I mean that monthly amount is for their benefit, right? You may not be able to control how child support is spent but you would certainly feel better knowing that your Massachusetts divorce agreement stipulates that an agreed amount of that child support automatically goes into a college savings plan each and every month.
You can’t control it if they spend the money to get new rims for their car or to get their hair cut and colored, but if you knew that a percentage was being used to help fund your children’s future, how much better would you sleep? Both of you!
Like I said, everything is negotiable. Try to work this one into your settlement agreement.
In the end you’ll all be happy you did. You, your ex and especially your kids.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.