The end of a marriage is the beginning of making critical financial decisions for your future. When you and your spouse shared the financial wealth between you, there was undoubtedly more support and security. However, now that you are divorcing, you need to know exactly what to expect in terms of financial security, especially when you have a child to raise.
Questions about child support are among the most common concerns divorcing parents have. Raising a child without the normal balance of finances within a marriage is difficult. You need to know what to expect when you un-tie the knot. Child support amounts may vary and be modified in the future, but here is an overview of the main factors that affect the deciding amounts:
Earnings – How much the mother and father earn monthly and annually is important in deciding how much child support will be determined. The amount of both parents is added up to see what the basic child support amount is.
Expenses – Outside child care amounts are important to take into consideration, along with medical costs, extracurricular activities, etc.
Custody – How custody is determined will have an impact on child support amounts. If you are granted sole custody, you are the recipient of the child support. How much visitation and time spent with each parent is part of the calculation of final child support amounts.
If you have any questions on child support, it is important you seek legal help right away. The divorce process often gets complicated when there is little guidance on the best path to take. Parents need special guidance on how to create a stable and secure life for themselves and their children despite the devastation that divorce often creates. It starts with getting questions answered, and seeking the greatest possible outcome for the best interest of the child.