Noncustodial parents frequently fail to realize that not all court-ordered child support designations are set in stone. Laws exist to help parents transition through changes in circumstances. If you’re feeling the pinch of paying more in child support than your budget can reasonably handle, it may be time to have the situation reevaluated.
Child support guidelines are structures by the individual states, but they all have one thing in common – they’re based on the income levels of the noncustodial parents. If your income has changed significantly in recent months, it’s probably time to have your child support payment altered accordingly. Otherwise, you may end up paying way more than you legally have to.
Tax season and immediately after tax season are an excellent time to have your child support obligations reviewed because you’ll be able to easily supply the exact amount of your gross annual income. Another consideration is if the custodial parent’s income has decreased to the point where your child support payments are more than one-half of the cost of providing for the child. If this is the case, you may be able to claim your support payments as an exemption on your return. Also, changes in tax laws could affect your situation.
Even if your income has remained the same for the past several years, it’s nonetheless a good idea to have your child support obligations reviewed by an experienced family law attorney on a regular basis.