4 Financial factors that will affect your child support payments
A child support battles hold several considerations. What many parents don’t realize are the multiple factors that go into calculating child support payments. Yes, income is the main factor when calculating payments. Yet, it is important to understand what other factors can impact monthly payments.
Income
As mentioned previously, income is the main child support consideration when calculating child support payments. However, this includes bonuses, commissions, allowances, overtime, tips, and other similar income.
Any specific job or source of income for more than 6 months, it will be considered income. Commissions or bonuses within a year can also be considered income by the court.
Health Insurance
This is not limited to health insurance. Dental and vision are also considered “health insurance.” These are allowable deductions for purposes of calculating your gross to net income. Other considerations are the child(ren)’s insurance. Who is paying for it? How much does it cost monthly for just the child(ren)? This is a credit to the party who pays which is credited in the calculation.
Another consideration is the health of the child(ren). Are there medical bills in existence? Is there a specific situation where the child(ren) need(s) consistent special care or recurring monthly medical expenses? Will there be future recurring monthly medical expenses? While these are special circumstances and require a judge’s written findings and rulings, it has to be considered as a financial factor when calculating monthly child support payments.
Aftercare or daycare expenses also affect Child Support
Every working parent knows how much these expenses can make a dent in your monthly budget. But there is also a consideration for older children that may not be eligible to attend daycare but require a part-time nanny or aftercare. This is a reasonable and necessary expense that will affect child support calculations.
Overnights
A very important factor to consider is the amount of time that a child(ren) stays with either parent. Child support payments are calculated to cover the basic needs of child(ren) while overnight time-sharing with the parent who is incurring these costs. Expenses like water, power, food and other basic needs increase if a parent has a majority of the time-sharing with the child(ren).
Finally, keep in mind that every amount of money that comes in and goes out from your bank accounts will be considered when calculating payments. If you want to understand Florida’s child support calculations, please refer to the Florida Department of Revenue, or contact our office to set up a consultation.
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