Deciding whether to end a marriage is a life-altering and emotional experience. But a spouse, especially one who was not heavily involved in business or the couple's finances, should also take steps to determine the financial impact of their divorce.
What single parents should know about child support
After divorce, parents must still provide financial support for their children. Laws and court orders governing child support can be confusing, complex and viewed as being unfair. Generally, parents without physical custody must pay the other parent with custody until the child becomes an adult. Calculations are usually based upon the parents' gross incomes after deductions for health care premiums and work-related childcare. Courts consider salary or self-employment earnings and may also include tips, commissions, bonuses and annuities.
Things to know about child support
Issues involving children can make divorce even more complicated. While New York law has guidelines to help courts calculate child support, there are some important things to keep in mind. Courts usually require a parent to pay child support so that the other parent who has primary custody does not have sole financial responsibility for keeping up their children's standard of living. Calculating support depends on each parent's income, the number of children and the amount of time each parent spends with their children.
