Calculating Child Support And Alimony In A Divorce
Managing finances during divorce is a skill every individual who is heading for a divorce needs. It’s better to be mentally prepared for a financial loss than be unprepared at all. First there is the question of property. If you’re someone who has accumulated a lot of wealth during your marriage, then brace yourself for some financial damage unless you claim most of them to be a separate property. Next, if you and your spouse have considerable difference in terms of earnings, you might end up paying a certain amount as alimony. And lastly, if you have children and you lose the custody battle, then you will have to pay for child support too.
Managing finances can be a tough job and that is why you need the help of an expert divorce lawyer. To try to limit financial hardship, calculate your expenses prior to the divorce proceeding.
Calculating child support
Child support is the money you pay for your child’s education and welfare till he/she turns 18. In few cases, the support can continue till the age of 21. The amount that you need to pay for child support depends on many factors. Your annual income plays a deciding factor and so does your ability to take debts. If you’re the non-custodial parent, then prepare yourself to pay more than your spouse. Other important factors which the court will look at is the age of your child and who is paying for the health insurance.
Usually alimony is calculated after child support. The court will look at your financial capability to support your spouse after you have paid for child support. Unlike child support which is based on what is good for the child, alimony calculations are based on how much you can provide to your ex. Factors like income, property and child support is taken into consideration while calculating alimony.
It is important to manage your finances during divorce. It should be done through an experienced divorce lawyer because it not unusual to lose a lot of money during divorce and only a lawyer can help you take the best decision. Calculating your alimony and child support expenses will help you make good decisions regarding finances. Bankruptcy is one of the major pitfalls of divorce and good financial management is only way to survive it.
Getting divorced in California can be complicated. Download our free eBook, 18 Important Things to Know About California Divorce to educate yourself on the process.
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