Understanding what is child support
When you have a child, you are legally obligated to provide financial support for 18 years, or what is known as the age of majority. Therefore, divorced parents that have children below 18 years do owe a given amount of child support.
Some states can even provide a website or a portal with a child support calculator for 2018. If you are a parent, you can also get free help from a local courthouse. It is important to consider the following factors when determining child support:
Determinants of child support
Income of both parents
The income of all parents is considered. Moreover, the amount a parent can earn is taken into account. For instance, if a doctor in his or her 30s is just lying on the beach rather than working, he or she will owe child support even without an income. Another factor is the amount of money every parent receives. For instance, parents may be earning an interest in other investments.
The number of children also involved is taken into account. Usually, if there are several kids, then the amount of child support required is higher. Another factor is the amount of time every parent spends with the child. If you spend a lot of time with your kid, then you will be required to pay less money as compared to the other parent.
Needs of custodial parent
A parent who has custody of the child will require a lot of support as he or she will incur more expenses for taking care of the kid. In fact, if the custodian does not have income, then non-custodial parent will have to cover the expenses.
Age of child
Depending on the age and the agreement in place, the support may come to an end at a given point in the child’s life. For instance, when the child reaches 18 years, both parents can cut off child support. However, some states demand that child support continues until the child marries or graduates from college.
Standard of living
The standard of living of the child before separation or divorce is also taken into account. The courts look at the standard of living and needs before the divorce. The aim here is to ensure the child continues to get the same level of living after separation and divorce.
Needs of the child
In fact, this may be the main factor to consider. The expenses and needs of the child must match the desired standard of living. Thus, things such as rent, food, education expenses are factored.