Any parent can tell you that raising children can get very expensive. In addition to the basic needs of food, shelter, and clothing, there are also fees associated with extracurricular activities, toys, and college tuition, just to name a few. When you and the other parent reside together and shoulder the cost and responsibility together, you can pool resources, which eases the burden. When the romantic relationship falls apart, you and the other parent will separate households and take a hard look at important issues, including parenting time and child support. If you are facing a custody or child support case, you need to understand how extra income is likely to impact your child support obligation.
In New Jersey, there are specific guidelines set out for calculating child support payments. These guidelines can be found under New Jersey rule 5:6A. Pursuant to these guidelines, the income of both parents will be taken into account when setting a child support obligation. While this sounds straightforward, it is important to understand that the income used for child support purposes does not include merely the income reflected on your W-2 or the income you would make if you only worked forty hours per week. Instead, your child support will be set including almost any source of income. For example, if you work overtime, receive distributions from a trust, or receive payments from a pension, all of these types of income will be included in the child support calculation.
While it makes sense to include money from all sources of income, some parents get concerned because certain sources of income, such as overtime, are not regular and are not always guaranteed. One way to approach this is to use a year’s worth of paystubs to show the average amount you make, spread out over a year. This can help to make sure the income used on your child support calculation is an accurate reflection of your average income. If your job stops allowing overtime or you otherwise experience an involuntary and non-temporary dip in income, you may need to return to court to have your support recalculated.
If you have questions about child support, let us answer them. Contact us today for a consultation to discuss your financial obligation.
Are you interested in seeking an annulment? If so, contact Williams Law Group, LLC right away. Our family law attorneys will review your case to determine if an annulment is an option. If it is, we will guide you through the process and ensure you make the best decisions for your future. Call our office at (908) 738-8512, email us email@example.com, or contact us through our confidential online form to schedule a consultation
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