By Tara Brewer
Special to DadsDivorce.com
However, many fathers have argued that the payments are unfair, leaving them very little to survive on their own.
A Chicago Tribune article reveals that Illinois residents may soon have an upcoming remedy for this problem as state officials are pushing for a change in how child support is calculated.
The new child support formula is known as the “income shares” formula. This formula considers each parent’s income and assigns a percentage of total cost depending on each parent’s earnings. Currently, 38 other states have adopted the new child support formula.
The current child support formula doesn’t reflect the realities of many modern families. Many states use the “percentage of income” formula.
This formula calculates child support by taking a flat percentage of the parent’s net income, based on the number of children being supported. It accounts for both parents having the same income and recognizes when a child splits time between parents.
How Much Should You Be Paying?
According to the DadsDivorce.com article “Breaking Down Child Support,” courts have little discretion in setting the amount of child support to be paid. If your salary significantly changes annually, the judge may ask for your last three years of tax returns. The judge, then, averages them to find a gross income. However, if the party is unemployed, the judge can adjust the gross income to be that of minimum wage.
Child support can possibly be modified when there are substantial and continuing change in circumstances, such as:
* You experience a substantial change in income;
* Your child begins attending school full-time, thus eliminating the need for daycare expenses;
* Your child goes off to college, depending on your state’s child support emancipation laws. (Read “Age Of Emancipation In Your State“)
If you do not reside in a state that utilizes the “percentage of income” formula and you would like to inquire about a child support modification, please contact a Cordell & Cordell office to discuss your rights.