As many parents of New York children already know, the financial costs of rearing a child can be quite a drain to the bank account. When parents of a child are living apart, the costs can be even more exorbitant. Understanding how financial support functions in supporting and raising a child is important. There are ways that child support is designed to function, and certain factors can increase or decrease the amount of child support owed to the custodial parent.
Child support obligations can vary depending on the child custody situation. It makes a difference whether one party has sole custody or whether both parents are awarded joint custody.
When one party has sole custody, the other party almost always pays some amount of child support. This is to help offset the cost of living to the custodial parent. When joint custody is awarded, support obligations are based on how much each party earns and the percentage of time the child spends with each party.
It is important that both parties meet the child support obligations. This is in the best interests of the child and helps create a stable home environment for the child. Child support is specifically calculated according to New York statues and regulations and is often tweaked to accommodate personal situations. Medical costs, school fees and lifestyle all factor into the larger child support decision and denominations.
New York parents should keep in mind that child support obligations are put forth with the best interests of the child in mind. Sometimes those fulfilling the majority of the child support payment can feel like a huge obligation. However, think of it less like an obligation and more like the lifeline for your son or daughter. Those struggling with this or other family law issues should understand what options are available and how he or she could resolve these problems.
Source: family.findlaw.com, "How to Calculate Child Support," Accessed Dec. 21, 2015