Your Divorce and Your Children
When a couple with a child or children separate, the law provides that there must be a provision for child support. The law considers child support the right of a child, and therefore your divorce documents must reference details regarding the payment of child support. The Federal Child Support Guidelines sets out details regarding the payment of child support. The Federal Child Support Guidelines applies a different formula if one parent has primary care of a child as compared to if both parents are in a shared parenting arrangement. Determining a parent’s income for the purposes of the Federal Child Support Guidelines is fairly straightforward if a parent is employed. However, it is more complicated if a parent owns a business, or has several business interests. The Federal Child Support Guidelines provides that some legitimate business tax deductions are added back in for the purpose of calculating Child Support Guideline income. Determining income may also be more complicated if a parent’s compensation includes variable income, for example, if a parent receives a base salary and bonus compensation through corporate stock options that may be part of the parent’s compensation package. We have the skills and experience to provide you with guidance regarding how child support needs to be determined, worded and structured in your separation agreement or your divorce judgment.
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