In the event of a divorce, one parent may find him or herself with the responsibility of paying child support. This is based on many factors, including where the child lives, the state and the overall financial circumstances.
Every state has a different method of calculating child support. Even so, there are some factors that are common to each state. If you think you may be entitled to or will have to pay child support, it is a good idea to learn as much as possible about how this is calculated. It will give you a better idea of what to expect once the divorce is finalized.
Most states take the following details into consideration:
— The income of the parent with custody.
— The income of the parent paying child support.
— The financial needs of the child, including but not limited to educational expenses, day care and insurance.
— The standard of living that the child is accustomed to.
To ensure an accurate calculation, parents are often asked to provide information on their financial situation, such as how much money they earn as well as monthly expenses. This gives the court a clear idea of where each party stands financially.
If you find yourself interested in how child support is calculated, there is a good chance that you are going through divorce and wondering what the future will hold. You may find that you are due child support. You may also find that you owe money to your former partner. Either way, it is important to know what the court considers when calculating the payment.
Source: FindLaw, “How to Calculate Child Support,” accessed Aug. 20, 2015