Can I use annuity payments to pay my child support order? Does it matter what form of payment, or source of income, is used?
I am unable to give you legal advice on divorce. I can give general divorce help for men, though, my knowledge is based on Ohio child support laws where I am licensed to practice.
Without a full understanding of your particular financial situation, it is hard to speak to the desirability of using a particular asset to pay child support.
Child support is determined based upon your “income,” however that term is defined by your state’s child support laws. Child support is a cash sum that must be paid once per month until each child turns 18, graduates from high school, or is otherwise considered emancipated.
The “formula” by which child support is determined depends on your state’s laws, but the most important factors will likely be your income, your ex-wife’s income, and the amount of parenting time you are awarded.
Once you are ordered to pay child support, the money you pay each month can come from any source of income you have – savings, salary, etc.
If you have an annuity, you can use money you receive from the annuity to pay your child support if you so desire.
However, again, it is impossible to say whether that is a good idea without a full understanding of your particular financial situation.
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Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with a divorce lawyer in your jurisdiction.