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May 2018 Archives

Parents aren't living lavishly off child support

A report called Custodial Mothers and Fathers and Their Child Support looked to find out how much child support parents are owed and how much they actually receive. It also determined how many parents have child support arrangements in Georgia and throughout the nation. The 2016 report found that there were 13.4 million single custodial parents in the United States. The average support owed to custodial parents was $5,774 annually.

Handling college expenses during a divorce

Georgia parents may be determined to end their marriage, but they may also want to protect their children from negative repercussions as a result. A divorce can have a significant impact on family finances, but parents may want to examine how college tuition bills can be handled for their children. Dealing with tuition and fees can be challenging for any parent, especially with the costs of a university education continuing to rise. However, financial planning can help parents to plan how their children's educational expenses will be covered after a divorce.

More women are paying alimony

Throughout Georgia and the rest of the nation, female breadwinners are becoming more commonplace. In a recent survey by the American Academy of Matrimonial Lawyers, more than 40 percent of attorney respondents said they have seen an increase in women paying alimony. In that same survey, 54 percent said that there is a rise in mothers paying child support.

Documentary looks at child support, African-American fathers

Some Georgia fathers may fall behind on child support because of a low income and a lack of understanding about how to navigate the system. A study by the Urban Institute found that more than two-thirds of child support debt is owed by fathers who have no reported income or whose annual income is under $10,000.

Unmarried? You may not legally be your child's father.

Having children may be one of the truest blessings the world can offer a couple in love. In today's society, however, couples are choosing cohabitation over marriage more than ever. If you're part of a cohabitating couple, keep in mind that this may create some unique wrinkles if you decide to have children.

Becoming financially secure after divorce

Unfortunately, many divorces are financially devastating. A person may lose as much as half of his or her assets and investments to a spouse, and the higher-earning partner may end up with child support or alimony expenses. Both individuals will be saddled with legal fees that can be extremely high if the divorce is litigated. The good news for Georgia residents is that it is possible to recover financially from divorce with the right plan and mindset to avoid costly mistakes.

Family wealth and prenuptial agreements

A prenuptial agreement can be important in preserving family wealth for Georgia residents. However, it is important for parents to introduce their children to the concept early. In this way, it becomes a normal expectation. One way to think about prenuptial agreements when a lot of family wealth is involved is as a kind of legacy. Preserving this wealth means that people are able to pass family assets on to their own children.

Managing the role of custodial parent

Georgia parents who have their kids for a majority of the time are generally considered the custodial parents. This can be true even if the other parent has significant visitation and other rights to the child. Typically, the custodial parent is the one who has the responsibility to provide for the child both financially and emotionally. However, the process of being a primary provider for a child is thought to be among the benefits of being a custodial parent.

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