Whether you’re the parent who pays or receives child support, you may be dissatisfied with the amount. The good news is it can be recalculated for these reasons:
When you lose your job, your child support payment decreases significantly. Take legal action right away because the new amount only applies to future payments, not previous ones. If you’re the parent who receives the money, petition for more immediately.
2. Decreased Income
If your income decreases, you may file for a lowered payment if you are the payer and a higher one if you are the recipient. Again, it is important to take immediate action since payments are not retroactive.
3. Increased Income
If your income rises, expect your ex to file for a higher payment. If you receive child support and your income rises, your ex may file for lower payments or ask that you start paying instead.
4. Increased Custody
As your time with the children increases, so does your need for financial assistance. This qualification also pertains if you’re the supporting parent. The court may reduce your amount or have your ex start supporting you.
5. Number of Children
If you’re the payer and have other children with someone else, it may lower your payments. Also, when the oldest child turns 18, support for that child stops and the rate for any remaining children is recalculated.
Over time, inflation will necessitate greater financial aid. Also, as children grow older, it costs more to care for them.
Modifying child support can be tricky, so it’s best to consult an experienced attorney for child support modifications in Irvine here.