Ending a marriage puts many parents in serious anxiety of their financial stability. When you have a child to raise, you are more likely going to expend large amounts of money on the costs of raising that child. During your marriage, you probably didn’t have to feel the tight reigns of a budget as much as when you are on your own. Either way, you need to know exactly what to expect for the financial reliability you need when raising a child.
It is common to ask questions regarding the child support process, including: “Who is responsible for paying child support?”, “How much will be owed?”, “What factors contribute to the amount?”, and “Can I modify my child support amounts in the future?”. To have these questions answered directly pertaining to your situation, you need the advice of a family lawyer.
But, here are the three main ways child support amounts are determined:
Earnings – What you earn each month and year is important, along with the amounts earned by the other person. These amounts are often added together to see where you collectively fall on a table of income.
Expenses – You will want to have a list of all the expenses related with your child. This could include things like: medical care, medical insurance, sports, extracurricular activities, daycare, after-school programs, etc.
Custody – It matters when it comes to who is granted legal and/or physical custody, including visitation amounts. If you are the primary parent to have the child in your care, you deserve to be given child support.
Divorce can leave many parents suffering financially and emotionally. However, when you have the proper amount of child-support given, you know that your ex-spouse is obligated to pay and contribute to the needs of your child. It starts by securing yourself with proper legal oversight for your unique situation.
