If you are getting divorced in New York, you likely have a lot of questions and concerns about child support. You may be wondering how it will be calculated, what it will cover, and so on. Read on to learn more about child support and the expenses covered in New York.
What is the Child Support Standards Act?
The Child Support Standards Act puts a system in place to help courts determine a child support agreement that will serve the child’s best interests. The formula for calculating child support in New Jersey is based on a percentage of the combined income of each parent and the number of children that require financial support. If the combined parental income exceeds $143,000 the court will apply the following child support percentages:
- One child- 17%
- Two children- 25%
- Three children- 29%
- Four children- 31%
- Five or more children- at least 35%
What Factors Determine Child Support?
When determining child support, the court wi;; take a number of factors into account. The factors the court may examine include:
- Assets and liabilities
- Financial resources
- Earning capacity
- Education level
- Tax implications
- Basic needs
- Financial resources
- Academic needs
What Expenses Are Covered by Child Support?
Child support is intended to support the needs of the child, which generally applies to:
- Basic necessities
- Medical care
- Educational fees
- Extracurricular activities
- College expenses
When Do Child Support Payments End?
For the most part, child support is paid to the custodial parent by the non-custodial parent. The custodial parent is the parent with whom the child resides for the majority of the time. This involves providing the child with a home, food, clothing, education, and more. They are responsible for the child’s basic upbringing. It is because of this that the non-custodial parent is required to financially assist the child. Child support exists to help the other parent handle the child’s cost of living. Generally, child support payments end when a child reaches the age of emancipation and is able to support themselves. In the state of New York, this age is generally 21 years old. That being said, parents are often required to assist their children with higher education if the child chooses to go to college. There are other circumstances that may determine whether child support is terminated early or extended.
If you have any questions regarding child support in New York, contact our firm to discuss with an experienced family law attorney.
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