One of the most taxing aspects about a divorce is the finances. The income between the couple remains the same; however, there are now two separate households to support. When there are children involved, it can make things even more difficult. Parents need to consider the needs of the children and put children first. When possible, this can come in the form of making agreements and avoiding going back and forth in court.
In general, child support can be difficult to negotiate because each parent wants to hold onto the money they have. The courts must try to calculate the smallest amount one parent can receive and the maximum amount the other parent can pay out. Achieving this balance can be time-consuming, and children can suffer in the meantime. Support payments can also change over time as the parents' incomes change. To prevent having to go back to court to make adjustments, parents may want to consider by making the child support amount a percentage of one parent's income.
One way for parents to get a clear idea of what type of child support arrangement they will need is to calculate the amount of money they spend annually on their children. This can help parents get a general idea of how they will need to split costs when they are no longer living together and sharing incomes. At the same time, it may be helpful for parents to evaluate their new, independent budgets. Going into negotiations about child support with this information can give parents a clear picture of what they will be working with in terms of supporting their children.
Child support is extremely important to custodial parents and children. In order to ensure that the children are getting the support they need, it's important to make sure child support is decided fairly and with the children's best interests in mind. Speaking to an experienced legal professional may be helpful for those working to obtain a clear understanding of their rights and options.
Source: Fox Business, "Managing finances through a divorce," Andrea Murad, Sept. 28, 2012