Separating from or divorcing a person with whom you share children can be quite daunting from a financial perspective.
To assist with the costs involved with raising children, separated parents have a legal obligation to pay child support.
What Is Child Support?
Child support is a regular, periodic payment made by one or both parents to the other to assist with maintaining the children post-separation or divorce.
How Is Child Support Calculated?
You can work out a private arrangement whereby the parents dictate what is paid, or you can go through the child support agency.
The child support agency will calculate how much each parent is earning, minus a self-supporting amount.
Once they’ve combined the overall amount both parents earn they will look at the percentage of time the child spends in both parent’s care.
The child support agency also takes into account how many dependants there are.
The child support agency then uses a mathematical formula to automatically calculate the amount of child support that is payable from one or both parties.
Speak to the experts at Collective Family Law Group on the Gold Coast to discuss how divorce or separation will affect you and your family.