Child and Spousal Support-Common Law Relationships
Child and Spousal Support-Common Law Relationships
If your common law relationship ends, and you have been living together for three years, or if you have lived together for less time and have a child or adopted a child together and do not have enough money to support yourself, you can ask your partner to pay support. A spouse receiving support following a breakup has a duty to become and remain self-sufficient. If the requesting spouse has the ability to support themselves at an appropriate level, it is not likely they will be awarded support.
Support may be awarded for a fixed period of time, to allow the recipient the opportunity to become self-sufficient. This is the case when the recipient has been out of the workplace and may need to update their skills. Support may be for an indefinite time if the recipient has an illness, disability, or cannot work outside the home due to the care of young or special needs children. It is always a good idea not to sign away the right to ask for support in the future.
The obligation to support a spouse can be partially or fully discharged through a single lump sum payment, or the transfer of an asset, however the financial and tax implications must be considered. Financial planning advice is necessary to ensure the funds are used wisely and provide an income into the future. Spousal support can be amended if personal circumstances change, such as remarriage job loss or disability. The law of spousal support is extremely complicated, and there are long lasting or permanent financial consequences to both parties.
While child support is neither tax deductible by the payer or taxable by the recipient, spousal support is subtracted from the income of the payer and added to the income of the recipient, therefore, tax considerations must also be carefully weighed.
While a couple with few assets, no children and each is self-sufficient, the legal issues they face may be few. However if there is child or spousal support issues, it is essential that the parties know their rights and obtain proper legal and financial advice. Decisions made following a relationship breakdown can create a long lasting impact which can greatly affect the future of all concerned.
Subscribe to Sharon's articles(Visit Sharon's Website)
Sharon has over 25 yrs experience
in the financial services industry.
She holds the Certified Financial
Planner (CFP) and the Financial
Divorce Specialist (FDS)
designations. Sharon is a member
of the Academy of Financial Divorce
Specialists and has completed
training to help divorcing couples
reach a negotiated settlement
around financial issues. Sharon is
instrumental in helping and
supporting her clients to gain
clarity and direction. She works
with women experiencing transition
in their life, whether from job
loss, the loss of a life partner,
or a relationship through
separation or divorce. Sharon
provides education and guidance and
takes the time to get a clear
understanding of her clients’
goals. She makes a difference in
people’s lives by designing a
Financial Plan which includes all
aspects of Financial Planning
including building wealth,
protecting clients and their
families against illness and death,
cash flow, retirement and tax
planning. She has always put her
clients’ needs above her own with
encouragement and support no matter
what obstacles life throws in their
way. She has helped many families
achieve a comfort level in their
financial lives, knowing she is
looking out for their best
interest. Sharon is also an
experienced speaker on topics
relating to women such as “Insights
to Financial Transitions”, “Worry
or Wealth”, “Financially Planning
Your Divorce” and more.
Sharon Alderson is a Silver author on EvanCarmichael.com
Sharon Alderson's
Complete
List Of
Personal-Finance Articles
If you enjoyed this article, get Sharon Alderson's Complete List of Personal-Finance Articles For FREE!
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company!
Video produced by Phanta Media
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Subscribe to Sharon's articles
Aromatic Networking
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
