Divorce contains multiple factors beyond just ending your marriage. Between organizing your finances, dividing assets and figuring out child custody, there are many issues to consider. Among these is child support, which is often a more complicated part of the process. Every family is different and the process for determining custody or child support varies based on individual circumstances. However, there are a few general guidelines you may want to be aware of during this process.
Many people are not aware of what they should consider when thinking about child support or how it is determined, but it is important to understand the basics of child support payments and how they are awarded.
Child Support Basics
To begin, you may be wondering how child support amounts and awards are determined. The courts determine level of obligation based on a variety of factors including:
- Salary of each parent
- Employment perks
- Income tax returns
- Earning potential or past income
- Existing lifestyle of the children
These are just a few factors that the courts may consider when awarding child support. Keep in mind that child support can be modified if circumstances change.
It is also noteworthy that child support payments are considered outside the tax system. This means that the recipient is not taxed on payments and the payor cannot deduct the payments on their taxes.
Carefully considering your situation in child support is crucial. You should also consult your divorce attorney for more information about your circumstances and other considerations you may need to think about. Whatever the case may be, keeping your child’s best interests in mind is the most important.
