In the event of a separation or divorce, both parents are responsible for providing financial support to their child or children. Child support is a required payment that one parent makes to the other monthly to ensure the financial stability of their child. Every family situation and relationship is different, so no set number works for everyone. Child support is calculated based on a number of factors unique to each parent. If you are going through child custody or child support disagreements, contact a Union County child support attorney for legal advice and assistance.
What Factors Are Considered When Calculating Child Support?
The first step in determining child support payments is figuring out who the custodial parent is. The parent who has sole custody or spends the majority of time with the child is considered the custodial parent. Because the child lives with them, the custodial parent typically does not have to pay child support because their finances contribute to the child within the household. The other parent will likely be responsible for child support payments. The following factors are taken into account when determining the amount of child support that will be required.
- The income of each parent
- The financial needs of the child including food, clothing, education, medical care, child care, and other costs
- The child’s lifestyle or standard of living before the separation (if applicable)
- The paying parent’s ability to pay
New Jersey courts will also take into account the percentage of time that the child spends with the non-custodial parent when making their calculation. You can use an online child support calculator to estimate the amount of child support payments you will have to make, but keep in mind they are not always accurate and a court will typically have the final decision on what payment plan is fair.
Does the Number of Children I Have Impact the Child Support Calculation?
The number of children that you have does have a direct impact on the child support payments you will have to make. If you share multiple children, the custodial parent’s costs could be double or more than what they would be if there was only one child to provide for. Child support is typically based on a percentage of the paying spouse’s income. That percentage will increase for every extra child they have in the household.
What is a Cost of Living Adjustment Clause?
A cost of living adjustment (COLA) clause is a clause that is typically included in child custody and divorce agreements. In a contract or agreement, you establish the agreed-upon amount of money or percentage of income that the non-custodial parent will pay the custodial parent. That number is usually not subject to change except for extenuating circumstances. However, a COLA clause means that if the cost of living increases a certain amount, the amount of child support paid will increase to offset the additional costs.
