Paying child support, taxes and modifications
While every state has its own formula for calculating child support, most of those formulas are broadly similar. In Colorado, the formula takes into account the income of both parents, the number of kids and expenses that might include daycare and medical care.
Parents might negotiate an agreement or a judge could decide what the child support obligations should be. In either case, it might be possible to change the terms of the support arrangement. This could be the case if a parent becomes disabled or loses a job. Parents must go back to court in order to request a modification. If child support is lowered, it is likely that any spousal support obligation will be as well.
Child support does not have an effect on taxes. However, which parent is allowed to claim the kid as a dependent does. Usually, this is the parent that lives with the child more than 50 percent of the time. However, some parents might negotiate other arrangements. For example, if they have two children, each parent might claim one child. If there is just one child, parents might take turns making the dependent claim.
Some parents might want to make an informal agreement on child support. Unfortunately, this could lead to problems if one parent stops paying support. With an official legal arrangement, the office of child support enforcement may step in and assist a parent in collecting support. The other parent’s wages could be garnished for not paying. A family law attorney could help a custodial parent take action to obtain late support payments.