One of the major points of contention when couples decide to file for divorce is child custody. While one ends up as the custodial parent under normal circumstances and another is left to pay for child support, it’s never as simple in practice as it is in theory.
This is largely due to the fact that each state has its own set of guidelines when it comes to calculating the appropriate amount for child support. While the following is a good representation of the basics surrounding child support calculation, it does not serve as legal authority. Nevertheless, it will give you enough tools to plan ahead.
State specificity
State law determines final child support standards, but that can differ widely from coast to coast. One state may take both incomes into consideration when settling on a final amount, while another may look just at the non-custodial parent’s income. Parental time with the child can also be used as a determining factor. Once the divorce papers have been finalized, you’ll have a clearer idea. In the meantime, check with your state to see how rates are specifically calculated.
Financial information
Regardless of where you end up filing divorce forms, yours and your spouse’s net income will be pertinent to the final determination along with health insurance premiums, debts, and other child support your spouse may have to pay outside the child that you share together. While of the factors that we have just mentioned are integral, they are hardly exhaustive of the financial data that courts may require in calculating the final amount. Keep that in mind and try to be as thorough and honest as possible.
Beware oversimplification
Not all parents are W-2 employees. Some run their own businesses, and this can make for a trickier calculation when it comes to child support payments. Beware the dangers of oversimplification while you are going through the process or else you may end up experiencing sticker shock.
To summarize
Child custody matters are not easy to deal with, but they can empower you whether you are in need of child support as the custodial parent or you are paying it as the non-custodial. By being specific and your calculations and thorough in your financial data, you will be able to arrive at an accurate number with little issue.