If you are working your way through a divorce as a parent, it is very important to take a close look at various legal issues. In addition to child custody and pursuing an outcome that serves the best interests of your child, you should also review child support. Whether you expect to owe payments or receive support, it is crucial to understand different factors that can affect how much support a parent owes.
When it comes to calculating child support, it is pivotal to provide all necessary information and secure a fair outcome.
Factors that affect child support payments
According to the Wisconsin Department of Children and Families, a number of factors can impact child support awards. For example, the court will look at the number of children, the incomes of each parent and the amount of time that both parents spend with their children. In addition, if a parent has another child to support, this could also impact how much support the court awards.
Courts will also go over gross income, such as wages, personal injury awards, workers’ compensation and capital gains. In addition, a parent’s earning ability can affect how much support they owe.
Getting ready for child support payments
It is pivotal to focus on child support during and after your divorce. If you owe support, do everything in your power to stay current, not only to provide your children with the assistance they need but also to avoid serious penalties. Whether you have to set aside money to ensure you stay caught up, review your payment options or modify a court order due to significant financial changes, make sure you handle child support matters carefully.