Child support calculations are a crucial part of family law proceedings, and understanding how they work can help you plan your finances and prepare for any legal proceedings. One of the most critical factors determining child support payments is the parents' income.
1. Gross Income vs. Net Income
When calculating child support payments, the court will consider the gross income of both parents. Gross income is the total earned before any deductions or taxes are removed. However, it is important to note that some expenses, such as healthcare premiums or retirement contributions, may be deducted from gross income to arrive at net income. Understanding gross and net income differences can help you accurately calculate your child support payments.
2. Self-Employment Income
If you are self-employed, your income may be more difficult to calculate than an employee's. In general, the court will look at your gross income from self-employment but may also consider any business expenses or deductions you have. It is important to keep accurate records of your income and expenses if you are self-employed, as this can help you defend your income during child support proceedings.
3. Imputed Income
Sometimes, the court may impute income to a parent not currently earning income. This means the court will assign an income to that parent based on their education, work experience, and other factors. Imputed income can be a contentious issue in child support proceedings, so working with an experienced family law attorney who can help you understand your rights and options is important.
4. Overtime and Bonuses
If you earn overtime pay or receive bonuses, this income may be included in your gross income for child support calculations. However, the court may also consider whether this income is consistent or irregular and whether it is likely to continue in the future. If you have questions about how overtime or bonuses will impact your child support payments, it is important to speak with an attorney.
5. Income Changes
Finally, it is important to remember that income can change over time. If your income changes significantly, either up or down, you may be able to request a modification of your child support payments. However, it is important to follow the proper legal procedures and work with an attorney to ensure your modification request succeeds.
Franklin Family Law Attorneys
By working with an experienced attorney and keeping accurate records of your income and expenses, you can ensure that your child support payments are fair and reasonable. If you have questions about child support calculations or need legal assistance, contact Puryear, Newman & Morton, PLLC today.