Divorce can get quite costly between paying two attorney’s fees, possibly selling a home and finding two new dwellings, savings can quickly dwindle.
Another financial factor to consider in ending a marriage is child support. Understanding how the court will determine which spouse pays and approximately how much they will pay can take one worry off of your shoulders.
What do courts consider in making child support decisions?
In Illinois, courts utilize the income shares model to decide how much child support one parent pays the other. The model factors in the income of each parent and data on typical parental expenses that would have accumulated had the couple stayed together. Judges consider additional elements when creating a child support plan such as the child’s current standard of living, educational necessities and the state of his or her mental and physical health. Further, the financial resources of both parents factor into the ultimate decision.
How do courts calculate child support in Illinois?
Courts calculate the net income of both parents. This includes any income earned such as investment income, wages and income from your own businesses. By adding both net incomes, the court comes up with an adjusted net income. The court then refers to the income shares schedule to decide how much support each parent owes. The amount of time the child spends with each adult can impact whether the aid you owe is higher or lower.
Calculating child support is not a cut and dry matter. Many elements can impact the ultimate decision of the court.