If you are going through a divorce in New Jersey, you might be facing the possibility of losing custody. During the rest of your child’s upbringing, they may be primarily raised by your ex, creating emotional strife for both you and the child. To add insult to injury, you may be required to pay considerable sums in child support while having very little contact with your young one. But how much child support will you actually pay in New Jersey? How is this number calculated?
If you want answers, your best bet is to get help from a child custody attorney in New Jersey. Our legal professionals can help you determine how much you might have to pay in child support. Not only that, but we can also employ various strategies to help you lower your child support obligations. Book a consultation with one of our legal professionals, and you can immediately start to explore these potential strategies.
It Depends on the Custody Arrangement
Child custody is calculated based on a number of factors, including the amount of time the children spend with each parent. If the child spends close to 100% of their time living with one parent (known as the custodial parent), then child support is calculated based on Appendix IX-F and Appendix IX-C. However, things change if the parents share custody of their children, child support may be calculated based on Appendix IX-D.
It Depends on Your Income
Child support is also calculated based on the gross income of each parent. Keep in mind that many different things can be defined as “income,” including:
- Property gains
- Rental income
- Retirement funds
- Disability payments
- Workers’ compensation settlements
- Unemployment benefits
- Severance pay
- Gambling winnings
- Earnings from investments
- Tax credits or rebates
- Cash payments
The Rules Change for High-Net-Worth Parents
You should also know that the normal rules may not apply if you earn a significant amount of money each year or if you have a considerable net worth. In this situation, child support payment may be much higher in order to reflect your ability to pay more. The logic behind this is that the child’s high standard of living should be maintained after the marriage ends. For example, the child may be engaged in expensive hobbies, such as horseback riding. They may also be enrolled at private schools with high tuition costs.
Enlist the Help of a Qualified, Experienced Attorney Today
If you have been searching for a qualified, experienced family law attorney in New Jersey, look no further than Giro, LLP, Attorneys at Law. We understand that child support can be a difficult issue for many parents, and we are ready and willing to help you get through this difficult period. With our help, you can accurately estimate how much you might pay in child support, allowing you to plan your future finances effectively. In addition, we can help you mitigate the costs of child support in a number of different ways. Book your consultation today to explore your legal options.