What is Child Support?
In every state, there are certain rules and guidelines that must be followed by all parents. Each parent of a child is responsible for not only taking care of their children, but also providing for them financially to ensure their food, shelter, medical bills, and schooling expenses are all paid for. Of course certain things arise where this isn’t always possible, but it most cases, two parties who do have a child, are equally responsible for them.
Now, as you know, things don’t always go as planned and sometimes, couples wind of divorcing or separating. When this happens and a child is in the picture, domestic issues such as custody and child support are brought up. In most states, a parent who is considered the custodial parent is entitled to receive child support from the other parent to take care of their child. A child support payment is calculated using the following information:
- Who the custodial parent is.
- How much time both the custodial and non-custodial parent spend with children.
- What are the tax ramifications of child support payments?
- Are there any deductions that can be used when calculating the child support amount?
- The net incomes of both the custodial and noncustodial parents.
