A few key points are taken into consideration when determining the required amount for child support payments in the state of New Jersey. Modifications to an agreement can possibly be made if one of the involved parties is not satisfied with the terms.
One of the main factors involves the financial needs of the child. If the child requires regular medical care or special education, support payments will be needed to cover at least part of these expenses. Additional payments may be needed to cover the cost of private school tuition or daycare.
Courts generally try to help children maintain the standard of living they have grown accustomed to before a divorce or legal separation. Child support payments are often calculated in order to preserve a particular lifestyle.
The income of the parent who is required to pay child support will also be taken into consideration when determining the payment amounts. The decision is concurrently made while looking at the income of the parent or guardian who has custody of the child. Income includes the amount of money earned through working as well as any pension or veteran’s benefits that are received. Bonuses, commissions and severance pay are considered part of a person’s salary, and it may be required to deduct portions of these amounts in order to satisfy a child support obligation. Income may even include money earned from prize winnings, education grants and capital gains.
Each case varies according to the specific circumstances. A lawyer who understands how child support law works may be able to thoroughly explain such topics in full detail if someone has been ordered to make payments or is seeking compensation from another party.