What Sources Of Income Are Considered For Child Support Payments?
Child support payments are often needed in order for a custodial parent to manage all the expenses of raising a child. These expenses could include housing, food, clothing, and extracurricular activities, for example.
If you are moving toward a divorce in Florida, you may be wondering how child support payment amounts are calculated. This could be true if you are the parent who will be responsible for making payments or if you are the parent who will be receiving payments. Either way, you will need to know the amount to draft a new personal household budget.
There are Florida statutes in place to be sure children are provided for by their parents. In most instances, a court will determine how much child support is required by following the rules that assess the number of kids and income level of both adults involved. Income is a huge factor in determining support payments, and income can go beyond your wage as an employee. Connect with an experienced Tampa divorce attorney to have your unique questions answered.
Analyzing Different Types of Income
Both spouses have to provide documentation of their incomes in order for a fair child support agreement to be drafted and awarded. While earned employment income will be one of the sources analyzed, it won’t be the only one. All sources of income will be factored into a final child support payment decision. Income sources considered include the following.
- Income from salary agreements or hourly wages
- Additional payments such as overtime pay, tips, bonuses, or commissions
- Social security or disability benefits
- Spousal support or alimony
- Distributions from trusts or estates
- Business income, including real estate
- Unemployment compensation
When a person who could be responsible for healthy child support payments is unemployed, that situation will be scrutinized as well. This is because individuals have tried to avoid payments or have their child support responsibilities lowered when they were unemployed or underemployed. But intentionally choosing to earn less will not result in lower payments. A Florida court will still award a child support payment level that is appropriate for a person’s full earning potential if they are intentionally reducing their pay.
That said, decreased income that is not the choice of the adult involved will also be taken into account. If you have experienced a layoff or reduction of hours and it was not your choice, a lower amount could be put into place.
Understand Your Child Support Rights
Everyone’s situation is unique, contact a Tampa divorce attorney to understand what options are available for you and your family.
Are you wondering how your income will impact support payments? The legal team at Blair H. Chan, III has extensive experience in child custody, financial agreements, mediation, and divorce. We can help you access higher payments if you believe your spouse has undisclosed income sources. Also, if you believe support payments are more than you can afford, we can assist you in securing a modification, particularly if you were ordered to pay support and your income has changed. Call 813-280-5301 today to schedule a consultation.