When two spouses in a marriage go through a separation or get a divorce, one of the most significant factors to consider is the child’s well-being. The parents should make it a point to discuss which parent would be required to pay child support to the other.
Typically, when one of the parents of the child earns significantly more than the other parent, a child support payment would be required to help the parent who earns lower and who becomes the custodial parent of the child. These payments are generally made to ensure that the parents are both able to cover the costs of food, shelter, clothing, and other living expenses of the child.
In many states, there are multiple factors to be considered for child support payments. However, the exact amount of the child support payment is typically calculated through the income of both parents. Additionally, the amount of time each parent spends with the child is also a primary factor to be considered for child support payments.
Every state in the US has a specific formula in Family Law which is used for the calculation of child support payments. This formula is known as child support guidelines.
Many states have software that runs the child support payment calculation based on both parents financial data. A few of the factors considered for the software when calculating child support payments include:
• Percentage of time spent by the parent with the child.
• The income of both parents. This includes:
– Self-employment income.
– Unemployment compensation.
– Taxable income.
• It also calculates the monthly deductions. This includes payments for:
– Health care premiums.
– Property taxes.
– Mortgage interests.
– Union dues.
– Retirement contributions.
For this software, once all the required information has been entered, it then determines how much child support is owed to the child. If there is more than one child involved, it calculates how much child support is required for each child.
Normally, when it comes to the payment procedure for each payment, the parent who has to pay the child support is required to follow a child support order. These payments then have to be made until the child turns 18 or finishes high school. In some states, these payments may last a few years longer or until the child becomes emancipated.
Payments should continue unless a judge issues a new child support order. In this case, the parents are required to submit new evidence that supports their requests for a change in the child support order. These requests should include evidence such as updated financial information, expenses, assets, and debts. Once the judge has considered these factors, the judge will then determine if the ability of the parent to pay child support should be changed.
If you have any concerns regarding child support, it is essential to contact a child support attorney Orlando to help you through the process.
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