What is considered income when figuring out child support?
Your salary is considered income when figuring out a fair child support payment. While this includes your hourly wages, it can also include tips, commissions, bonuses, overtime pay and even severance pay. This also includes income from second jobs, part-time jobs, freelance work and anything else you do for a living.
The judge might also consider investment income, as well as income that you earn from your pension if you’ve reached retirement age. The judge may include your Social Security payments if you’re old enough to collect Social Security. They might also factor in veterans’ benefits and any pay you receive from military service.
Surprisingly, gifts and prizes are also considered part of your income. If you just won the lottery, that will be factored into your child support payments. And if you’ve recently gotten remarried, your new spouse’s income might be taken into consideration. The judge doesn’t see their income as your income, but rather figures out how that affects your expenses.
Finally, the judge might also consider education grants you received if you’re currently going to school. They might also look into additional forms of income like rent payments and royalties.
Who can help you and your child during a divorce?
When you’re dealing with a divorce, it’s important to know that the law is on your side. Helping an attorney could help you navigate the complicated legal issues that come with filing for divorce.