When it comes to child support, any of the parents can be required to pay for it. The party awarded primary custody receives the payment, while the other one pays for it. Child support is for the benefit of the kid and is used for basic necessities, educational expenses, and health and medical care.
Courts make a decision on child support payments by requiring each party to submit a financial statement, which should include monthly salary and expenses. Apart from the financial information, courts also consider the amount of time each party spends with the kid (sometimes, child visitation arrangements). Note that each state has different formulas when calculating child support.
Other Important Factors
In most cases, courts consider the parents’ income, minus deductions such as taxes, healthcare, social security, and other child support payments they may have. Some, however, look into the person’s ability to earn and actual earnings. Those who have a higher earning potential may need to pay higher child support. The living standard of the child before a divorce may also be considered.
Consequences of Missing Child Support
Parents who are not receiving court-ordered child support payments can get the help from the court. If the delinquent parent still does not pay, the court may garnish their wages, seize tax refunds, and put liens on the property. Child support attorneys in Colorado Springs note that other legal consequences include suspension of driver’s license and passports, and denial of certain government benefits.
Modifying Child Support
Child support can also be modified in certain circumstances. A modification needs a change in circumstances like employment change (if one of the parties experience an increase or decrease in income) or if the needs of the child change. The paying parent who is having economic or medical problems can also request for modification.
Individuals who need help in establishing and modifying child support payments can get help from a child support attorney. This is to learn more about their rights and ensure the protection of their interests.
Divorce is not something you wish you would ever encounter, but sometimes it’s the only step that makes sense. While emotionally devastating, a divorce can be necessary if your marriage isn’t working anymore. Throughout this difficult time, you need to set aside all the heartbreak, pain, stress, anger, and regret so you can fight for your rights, plan for your future, and enjoy a fresh start. Here is some financial advice you need to take seriously to survive the divorce.
Make a New Budget Plan
Your household income will definitely be affected by divorce, so it’s important to be prepared for it. You should make a new budget plan considering the changes in your life. Cover every monthly expense you have as well as savings and emergency funds.
Anticipate More Expenses
Divorce is a legal process, so it will naturally come with a price. You need money to hire divorce lawyers in Denver or anywhere in Colorado because you’ll need their expert legal advice to make the process easier. This is a good investment, though, because a lawyer can fight for your rights and help you properly present yourself and your case in court.
Close Your Joint Accounts and Open New Ones
Joint bank accounts and credit cards should be paid off and closed as soon as possible when you undergo a divorce. This way, your credit score won’t get affected if ever your former spouse has delinquent payments. After closing the joint accounts, you should open new ones with only your name so you can build your credit score again.
Stay Alert About Taxes
A divorce settlement will most likely impact your taxes, so you should be aware of how much effect it will have. You should know this to protect yourself from the IRS and avoid any surprises when tax season comes.
These are only some of the things you need to prepare for financially during a divorce. Make sure to settle them as soon as possible to avoid problems with your finances.
Even with the best intentions of both spouses to make a marriage last, there may come a point that continuing a relationship seems not worthwhile anymore. It may only bring harm to the spouses or to the children. And when this occurs, the best course of action is to get a divorce.
The Perfect Divorce
A divorce doesn’t need to be adversarial. It can be accomplished in an amicable manner and absent of any legal complexities. Under these ideal conditions, a neutral third person can facilitate the divorce to the satisfaction of both parties. But it wouldn’t hurt being guided by an attorney who can explain fully all the issues involved, and assist in the entire process.
The Need for the Services of a Divorce Attorney
When is it necessary to get a divorce attorney? Utah divorce experts say it’s a good choice under these circumstances:
You need an attorney if your spouse shows ill will. This may manifest in the form of dishonesty or vindictiveness. Under these circumstances, you can’t expect good faith from the opposing party. You may need an attorney to ensure your interest is properly protected and represented.
Have an attorney by your side when some form of abuse is present. The abuse can be in the form of spousal, sexual, and child abuse. You may as well include substance abuse that has reached a dangerous stage. These abuses may make discussions in a civilized manner impossible. To prevent any untoward incidents, you may need to have legal protection.
When there are many issues to discuss, an attorney may need to be involved. These issues include child custody and support, spousal support, and handling of assets and liabilities.
When the other party has an attorney, it makes sense to have your own legal counsel. Without your own legal representative, you may find yourself at a disadvantage. An equally competent attorney will level the playing field.
A divorce can be messy and may have an impact on the children, as well as the future relationship between spouses. Aim to end the marriage in the most pleasant and equitable manner.