How To Calculate Child Support
The more you and your spouse cooperate regarding the financial support and needs of your children, the better your children will do over time. While child support guidelines and laws do vary by jurisdictions, here are the basic elements that you need to consider in how to calculate the level of child support for your kids. By M. Marcy Jones Most states have child support guidelines based on a standard calculation. The numbers that go into the calculation include: Gross income of each parent Work-related child care costs Health insurance costs for the children Any extraordinary ...
The Nuts and Bolts of Child Support
The decision to start, raise and provide for a family doesn’t end just because the marriage did. Child support helps your children and family make the transition to a life after divorce. By Diana Shepherd, CDFA ™ Regardless of whether or not you were ever legally married, all parents have an obligation to support their children. The decision to start, raise and provide for a family doesn't end just because the marriage did. When you separate, child support spells out how financial costs associated with raising your children will be managed and shared during life after divorce. In ...
Making Co-Parenting Easier
You can ease the challenge of co-parenting with an ex-spouse by planning ahead and seeking professional help if necessary. Here are five tips to help make co-parenting easier post-divorce. By Brian James When parents divorce, it is the beginning of a new partnership in co-parenting their children. Co-parenting goes much more smoothly when there is a plan in place; it assures that no matter how you feel about your ex-spouse, the children's interests will come first. It's important to determine if you and your ex-spouse are comfortable enough to communicate directly about co-parenting i...
5 Critical Issues Your Separation and Divorce Needs to Address
Regardless of whether you end up negotiating your divorce settlement or duking it out in litigation with your ex, these 5 critical issues need to be addressed in your separation and divorce. By M. Marcy Jones There are many ways to get divorced, but no matter how you end your relationship legally there are 5 issues that need to be considered and incorporated into your separation and divorce. These issues are custody, visitation, child support, property division, and spousal support. Keep in mind that every state has different laws, so the information here is generic but should be general...
Child Support: What are Special Expenses?
Child support is an important element of your divorce agreement and spells out how much money is to be provided for the care of your children. Special expenses are costs that go above and beyond basic level of child support. By Diana Shepherd, CDFA ™ In many cases, children may have additional expenses that go beyond what the Child Support Guideline amounts will cover. These special expenses generally need to considered both necessary and reasonable by both parents: necessary because they are in a child's best interests, and reasonable in relation to both parents’ incomes. Special...
Child Support Guidelines in the U.S. and Canada
Child support guidelines are published by governments in both the United States and Canada to help families plan for the financial support for their children. By Diana Shepherd, CDFA ™ Child support is intended to ensure that children continue to receive the financial support needed for their long-term well-being from their parents. The amount of child support is based on a number of different factors, including the annual income of each parent, the total number of children in the family, and the custody arrangements for the children. Over time, governments have chosen to provide ce...
Child Custody: An Overview
Child custody is one of the most important decisions you’ll need to make in your separation agreement. Here is an overview of how child custody works and some of the main definitions you’ll want to know. By Diana Shepherd, CDFA The first thing you need to know about child custody is that it has two components: legal and physical. Although the terms may vary between jurisdictions, generally speaking, sole legal custody means that one parent has the legal authority make all major decisions involving his/her children – including where they will go to school, which elective surgerie...
How Child Custody Affects Child Support
Child support guidelines specify the amount of child support to be paid to the custodial parent by the non-custodial parent. However, the amount of child support paid can vary depending on the amount of time you have your children. By Diana Shepherd, CDFA The Child Support Guideline amounts are intended for children who reside primarily with one parent. However, the amount of time the children reside with each parent could affect the amount of child support payable. In many jurisdictions, if one parent has the children less than 40% of the time (and the other more than 60% of the time), ...
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