When a person is considering purchasing a new home, they might not be aware that receiving or paying alimony can impact their ability to get a mortgage. Lenders have to look at a person's whole financial history before making a decision on whether to award the mortgage, and alimony payments can become the difference between being accepted or denied.
Determining the primary caretaker after a divorce
Following a divorce in California, it is possible that a mother and father can come to a parenting agreement on their own. However, it may be necessary for a judge to determine who gets custody of a child. In most cases, the primary caretaker will get physical custody. The primary caretaker is the one who generally provided more emotional and other support to the child while the parents were married or otherwise together.
Social Security benefits may still be possible after divorce
If people are married for more than 10 years and then divorce, they might still be eligible to draw on their former spouse's Social Security benefits at retirement. California couples who are getting a divorce and who are approaching the 10-year mark in their marriage might want to wait until reaching that milestone so that they might have that option later.
Credit scores and child support payments
California parents who must pay child support might wonder whether falling behind will affect their credit. Failing to pay child support can have a negative effect on credit while paying on time can increase a person's credit score. Failing to pay child support may be considered as serious as not paying a mortgage or similar debts. The results could include not getting loans or having to pay higher interest rates.
Divorced parents and the child tax credit
When filing their federal tax returns, California parents may claim the child tax credit for all qualifying dependent children under age 17. The child tax credit may reduce the amount of income tax that a person owes to the IRS by up to $1,000 per child. If the credit amount exceeds what a parent owes to the IRS, the parent may receive a tax refund.
High-profile California custody battle with Louis Tomlinson
Musician Louis Tomlinson, a California resident, has filed for joint custody of the 5-month-old son he had with Briana Jungworth. He is seeking equally divided physical and legal custody of the infant. The existing agreement has not been satisfactory to Tomlinson, who claims that the mother has not been consistent in letting him visit his son. An interim agreement had been reached in February 2016 that allowed him some visitation but which did not include overnight visits.
