Child support is often a consequence of two individuals who decide to get a divorce if they have children involved with their family. One thing that might be a little confusing for people around the United States to understand is that different states often have different ways of handling Child Support. Tampa residents should be made aware of how the state of Florida calculates the amount two individuals would have to pay each month for child support. The state of Florida goes off of more information besides how much money each parent is making to determine how much child support they should be forced to pay.
What Financial Information is to be Considered for Child Support?
Regardless of which spouse had filed for divorce, both parents will have to complete a financial affidavit so that the court and legal professionals can better calculate child support. Tampa residents should be made aware that these financial reports take into account a person’s gross income, which includes many different types of earned and unearned income. The obvious number to start with is someone’s salary or wages. Benefits are also taken into account with these financial audits, such as disability benefits, workers comp, pension, retirement or annuity payments, and social security benefits. Because Florida courts look at many different forms of income, and individuals often ends up paying more for child support then they previously thought.
Can an Individual get Deductions for Child Support?
Deductions are important for parents who are trying to determine child support because it can lower their gross income, and in return make it so they would be paying less in child support. Tampa residents can get deductions from many areas, and often the most obvious is federal, state and local taxes that are being paid. Another area where deductions are possible is through insurance payments, with the exception of coverage that is intended for the child. Other areas where someone can get a deduction from their gross income include retirement payments, and even union dues.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Butash Law Group*