When going through a divorce or other legal matter, if children are involved, the subject of child support is going to come up eventually, and it’s best to just be prepared and tackle it head-on. Perhaps the most important aspect of defining the child support terms and conditions is figuring out how much needs to be paid.
Of course, every family is different and will be in a different situation so that the amount will vary, but there are some key things you can consider to make sure you’re estimating and calculating the right amount. This means that no matter what happens in your relationship, you know your children are going to be okay and comfortable from a financial standpoint.
With this in mind, today, we’re going to explore the six factors that go into calculating the required amount of child support.
1. How Much is Needed
The first thing a court and legal professionals related to your case will do is to calculate a ballpark figure to how much your child is going to need in the new household. Everything will be considered from food and drink to school equipment, clothes, and even the rent of the property they’ll be living in.
This will create a total amount that the courts will then work with to determine the final total needed to ensure the child is comfortable, well looked after, and has a life of a suitable condition.
2. How Much the Household Needs
In addition to what the child needs individually, the courts will consider how much money the household needs in general. How strict and detailed this section is will be determined by which state you’re in, and some courts may lump this point with the first point, or treat it separately.
Things like maintenance costs, car maintenance, bills, and other forms of essential, and non-essential, bills will be looked into.
3. The Standard of Living
The courts will take a detailed look into how the child is currently living and the condition of their lives. In the ideal scenario, the courts will aim to figure out a payment that will maintain the child’s standard of living to the same that it is now, if not better.
Of course, the courts will understand that running two separate households on the same amount of money as running one is very difficult, and this will be taken into consideration when making your child support payment total. At this point, you should be able to get a full child support calculation using a professional online service.
4. How Much the Parent Earns
It’s vital for the courts to consider how much the child support paying parent is currently earning because they need to be able to pay for the payments. The courts will look at yearly income for the last few years, any investments, loans, or inheritance you may have, and certain stats such as your credit rating.
5. Current Job Role
Hand in hand with the consideration above, the courts will look at the current job role you’re in and will look into how much money you’re earning. Very rarely will the courts look into the potential of what you can earn, whether that’s via a promotional or downgrading your job role to improve your job satisfaction while earning less money.
Bear this in mind when thinking about your career in the future.
6. Any Exceptional Circumstances
Finally, the courts will look into any exceptional circumstances that are unique to your case. This could include any debt you’re currently in, any money you’ve come into, whether that’s through a competition or savings. If you have a prized possession, such as a car or motorbike, they may factor this value into the final calculation.
As you can see, there are plenty of considerations a court will think about when it comes to calculating a child support payments, and it will dramatically vary from case to case. The most important thing is to remember that the wellbeing of your children will always come first and will be a priority of the courts.
Thanks for stopping by today, I hope you’ve enjoyed this post.
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*This is a guest post