In most cases, the amount of child support you owe depends on your income. This means that if you earn more money than your ex-spouse, you should pay more. Likewise, if you make less money than your ex-spouse, you may be required to pay less.
The amount of child support you owe can be complicated, however. You should always consult an experienced Miami child support lawyer before deciding on the amount to pay or receive. Your attorney can also help you understand the different factors that may impact your support obligation, and what options are available to you.
How Income Affects Child Support Calculations Overall
In most cases, the court will use a formula to calculate your child support obligation. The formula will include the number of children you have, as well as your gross income and any deductions you have taken. In addition, it will factor in any expenses associated with raising your children. For example, if you have a child with special needs or are a single parent, the formula will factor in your expenses for health insurance and childcare costs.
If you have more than one child, the formula will also take into account the amount of time you spend with each of them. This is called time sharing. It is important to note that the formula will only apply if both parents spend about the same amount of time with their children.
Some states allow you to change your support obligation based on the number of children you have. For instance, if you have two children, you can adjust your support obligation to 20% of your net income. Alternatively, you can decrease your obligation to 30% of your net income.
Depending on the circumstances, you may be able to reduce your child support obligation by lowering your expenses. For example, if you have fewer children and are living in a smaller home, you can reduce your child support by paying less for housing.
What You Need to Know About Calculating Support Payments Using Your Net Income
Determining your total income can be difficult if you are self-employed or have multiple jobs. In these situations, you should consult an experienced Miami divorce & family lawyer to determine your income and the amount of support you are owed.
You should also be aware of your tax deductions, such as social security, Medicare and state and federal taxes. These deductions can make a huge difference in your total income, and they can cause you to have less net income available to pay child support.
The state of Indiana uses a base child support calculation that factors in your gross income, plus your ordinary and necessary expenses. This includes your mortgage, rent, and other property taxes, as well as other deductions, like your health insurance or retirement accounts.
Your income might also be impacted by non-wage earnings, such as dividends from stocks or investment properties, interest income, and even windfalls like lottery winnings and gambling payouts. In some instances, you can ask the court to impute your income if it appears that you are earning more than you say.