Child Support Calculation: Does My Income Only Include My Salary?
The first step while determining the amount of child support payments is the calculation of the parental income. The income of both of the parents will be calculated, and a number of different types of income will be considered. Child support obligations will be investigated by using the gross earnings per month of each parent.
Sometimes, parents mistakenly believe that only the monthly salary is considered income. Apart from the salary, your overtime payments as well as commissions and tips that you earn as part of your job may also be considered income.
Any benefits that you’re receiving from federal or state programs like the Social Security Disability Insurance program or the Workers’ Compensation Insurance program are also considered as earnings. Investment income, business profits, and rental earnings will also be factored in.
However, certain types of investment earnings may not be included in your income calculations. To understand what types of income will be included in the calculations, discuss your case with a Leadville family lawyer. These calculations can be difficult to make, and may be confusing for a layperson.
Calculation of parental earnings is a critically important step in the determination of child support payments. Whether you are the one receiving the payments, or the one who will have to make payments, it is important to discuss your situation with a Leadville family lawyer to protect your rights.
Divorce, even when it is an amicable one or one that is mutually agreed to by both parties, is often a complicated process. Some of the most important elements of a divorce have to do with child support determination. Remember, that your children have the right to full parental support, and any mistakes that you make can prove expensive for you and for your children. Discuss your situation with a Leadville family lawyer.