Some of the terms used during the divorce process may generate more questions than answers. For instance, when inquiring about how your assets get divided, you may discover that Florida is an equitable distribution state. Though some people could interpret that to mean an even 50/50 (i.e., equal) split, that would be inaccurate. “Fair” would be a more accurate way to describe the term—which could ultimately be 50/50, though that is not guaranteed. One of the challenges you may face during a divorce is when you and your spouse have drastically different opinions regarding what is equal and fair. The right experienced Attorney can assist you through these disagreements.
Another way 50/50 causes some confusion is how it applies to child support. For instance, does 50/50 time-sharing mean that neither person has to pay child support to the other? Not necessarily. Child support is based on the respective parties’ incomes, time-sharing schedule, credits for health insurance, and daycare expenses.
Factors That Determine Child Support
Previously, we said that child support is based on each person’s income. What defines income? If you receive a salary and dividends from stock investments, will the court view both as income or just your salary? Both of those contribute to your income. Additionally, there are several ways in which people receive compensation. This extends to overtime hours, bonuses, and sales commissions too.
The money you receive outside of your job will be factored into income. Those who get divorced later in life may no longer have a job or a salary—but they could be living off a 401(k), pension plan, or other allotted benefits. All of these are considered income and will factor into the equation that determines your child support payments.
Healthcare Costs
Health insurance and out-of-pocket medical expenses should be factored into your child support payments—but there is a limit. If you are the supporting parent, the healthcare costs cannot exceed 5% of your gross income. However, you will not have to pay additional money if you are the parent providing the healthcare.
Your income, healthcare, and additional expenses such as daycare get factored against the amount of time you have with your child (measured in overnight stays)—and how many children you have. There are deductions to consider as well, such as taxes, union dues, and other child support payments you are making for other children. Your attorney will use all this information to help you understand how much you may be paying in child support.
C. Alvarez Law
The attorneys at C. Alvarez Law will assist you through the entirety of your divorce process—including how to arrive at an appropriate and reasonable amount for child support. For legal counseling in conjunction with a family law matter, contact C. Alvarez Law to schedule your consultation.
C. Alvarez Law
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