Joint legal custody is when two parents have shared rights and responsibilities regarding important life decisions about the child, whereas physical custody addresses residence and visitation. In addition to working out legal and physical custody, parents will also want to agree on their rights with respect to claiming the child for tax purposes.
The specific details of how taxes will be handled can be addressed in the provisions of an agreement or court order. A knowledgeable custody attorney can work with you on drafting an agreement or interpreting an existing order. Consider talking to a lawyer to learn more about joint and shared child custody and taxes in New Haven.
When parents agree to split legal custody, they must give each other an equal opportunity to be involved in critical life decisions about the child. In a shared physical custody arrangement, the child lives with each parent for an equal amount of time.
Specific daily responsibilities, such as picking up the child from school or taking them to their extracurricular activities, are also set by the shared physical custody contract. Anyone with questions about their responsibilities under a joint and shared custody agreement should speak with an experienced attorney in the area.
Parents should determine who claims their children on their taxes when negotiating the custody agreement. In cases where there are multiple children, there are some different options.
For example, if the parents have two kids together, they might each claim one child on their taxes. Conversely, if they have an odd number of kids, the parents might alternate years in which they claim the children for tax purposes.
If one party would receive a substantially greater tax benefit for claiming the child than the other party, resolving this issue could be more complex. With more complicated cases such as these, it is best to talk to a lawyer familiar with how child custody can affect taxes.
As long as both parties adhere to the custody agreement, there should be no disputes concerning tax filings for shared children. However, if one party claims the children during the wrong year or claims more children than they agreed to, the other person can file a motion for contempt.
The court would resolve this type of dispute by requiring the filing of an amended tax return taking away the deduction for that child. A skilled lawyer can help parents enforce a shared custody agreement if the other party claims the children on their taxes incorrectly.
Financially, sharing custody equally benefits both parents, as no one person has to bear the economic burden of raising the child. Additionally, claiming the children on tax filings in an equal way allows each parent to be taxed appropriately.
Aside from the financial benefits, joint and shared custody is often the best outcome for the child. When children are able to have a healthy relationship with both parents, it has a positive impact on their growth and development.
For the parents, sharing custody also relieves much of the emotional pressure of raising a child alone. Parents should discuss both the emotional and financial benefits of agreeing to joint and shared custody with a seasoned attorney.
An attorney can assist any who wishes to learn more about joint and shared custody and taxes in New Haven. Our law firm can aid you in drafting an agreement and ensuring it is enforced. A dedicated lawyer can help you achieve what is in the best interest of your child.