50-50 Child Custody and Taxes in Chattanooga

50-50 child custody and taxes in Chattanooga play a role in a few child custody cases. If you feel as though this amicable option is something that fits your case, connecting with an attorney who could draft and present your case should be your next step.

Joint Legal Custody in Chattanooga

Joint legal custody of a child refers to joint decision making. Joint legal custody is going to give each parent the right and ability to participate in the major decisions made for that child.
Responsibilities to Children with 50-50 Custody

Responsibilities to the child are usually split 50-50. Day-to-day parenting responsibilities are usually split and decisions are made jointly. They are also split from a cost perspective. Oftentimes, things like the child’s cost of schooling, school supplies, and extracurricular activities are frequently split on a pro rata basis in accordance with each parent’s income.

Joint legal and physical custody would be both a joint decision-making plan and joint physical custody would be a parenting plan that allows each parent to parent the child an equal amount of time.

How Do Tax Implications Factor into 50-50 Shared Custody?

In the case of 50-50 shared custody, both parents are not able to file the child for taxes in the same year. Oftentimes, what is done with 50-50 custody is that the parents alternate claiming the child year to year. There are also some other factors like who pays for the child’s insurance and if there are any daycare expenses.

Under a state-mandated worksheet, it is assumed that the person who is receiving child support is the person who is also going to claim the child on taxes. However, that can be changed by the agreement of the parties if they are able to reach one.

Tax Exemptions

Typically, the parent who is receiving child support claims the tax exemption, but the parties are free to agree otherwise.

What Are the Benefits to 50-50 Shared Custody?

The main benefit of 50-50 shared custody is that the child gets to spend an equal amount of time with each parent. They get the benefit of different parenting styles and they get the benefit of the nurturing from the mother and from the father. If the parties are able to agree with the 50-50 arrangement and both of the parents do so in an appropriate way, then that could benefit the child and that they get to spend equal time with each parent.

Have an Attorney Help with 50-50 Child Custody and Taxes in Chattanooga

Two things that many people going through a divorce do not consider is the possibility of 50-50 child custody and taxes in Chattanooga. With a completely even split, only one parent may claim the child as a dependent. Commonly, this is not known by many parents. To review what you may or may not know about your case, reach out to an attorney.

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