How Much Will I Have To Pay In Child Supporthow Much Will I Receive In Child Support
In New Jersey, child support is based on a formula known as the Child Support Guidelines, as long as both parents have a combined net (after tax) income of less than $187,200 per year. The following factors will be most pertinent:
Gross and total earned income of both parents (which includes any voluntary contributions one makes such as retirement and charity contributions);
Regularly occurring unearned income;
The number of overnights each parent has with the child(ren);
Cost of health Insurance for the child(ren);
Mandatory retirement contributions;
Whether or not the children are over the age of 12;
Alimony paid and alimony received;
Government benefits received on behalf of the child;
Custodial parent designation.
In circumstances in which parents earn a combined income of above $187,200 per year, the Court must supplement the child support award based on the following factors:
The needs of the child(ren);
The standard of living and economic circumstances of each parent;
All sources of income and assets of each parent;
The earning ability of each parent, including educational background, training, employment skills, work experience, custodial responsibility for children including the cost of providing child care and the length of time and cost of each parent to obtain training or experience for appropriate employment;
The need and capacity of the child(ren) for education, including higher education;
The age and health of the child(ren) and each parent;
The income, assets and earning ability of the child(ren);
The responsibility of the parents for the court-ordered support of others;
The reasonable debts and liabilities of each child and parent; and;
Any other factors the court may deem relevant.
Because every family has a different financial circumstance, a consultation with a family law attorney will help you further understand child support.