What Income Sources Are Reviewed When It Comes to Support Payments?
Assessing the possibility of support payments and how much those payments would be is part of many Florida divorces. After all, ending a marriage is a huge financial change, often for both spouses. The support payment review process involves a careful examination of various income sources, and this is true whether a person is seeking child support or spousal support.
Exploring the intricacies of income evaluation is essential for achieving equitable outcomes, and Port St. Lucie family law attorneys have the background and expertise to successfully connect support recipients with just amounts. Family lawyers meticulously examine various income sources to establish child support and spousal support payments.
Differences Between Child and Spousal Support
The State of Florida prioritizes children when calculating child support payments. A child’s healthcare and educational needs will be assessed as well as the amount of time each parent spends with the child. The main income sources that are typically reviewed for child support calculations include the following.
- Salary and wages. The earned income of each parent is a primary factor, such as salaries, wages, bonuses, and commissions.
- Self-employment compensation. When a parent is self-employed, a range of business records that document income, gains, or losses will determine financial capacity.
- Investment income. Investment generators, such as dividends, interest, and capital gains, will also be considered.
- Gains from rental properties. If either or both parents receive income from rental properties, these rental income funds will be factored into the child support calculations.
- Government benefits. Unemployment, disability payments, and other government benefits will also be reviewed.
Spousal support, which is also sometimes referred to as alimony, is another consideration for many Florida couples who are moving to end their union. Unlike child support, spousal support awards are put in place to assist a lower-earning spouse in maintaining a similar standard of living post-divorce. Alimony can also be put in place for a period of time in order for a spouse to begin the process of earning their own income.
In order for spousal support calculations to be made, a handful of marital facts will be reviewed, including each spouse’s earning capacity, the lifestyle enjoyed during the course of the marriage, and how long the union lasted.
Duration of Support Payments
How long support payments last depends. Child support typically continues until the child reaches the age of 18, but it may extend beyond that if the child is still in high school or has special needs. Spousal support duration depends on factors like the length of the marriage and the specific terms outlined in the divorce agreement. To have your specific support questions answered, reach out to Port St. Lucie family law attorney.
Are you wondering how much you will receive in support payments? Skilled family lawyers have the experience necessary to ensure that financial arrangements included in divorce agreements are fair and in compliance with Florida’s family law statutes. Share the details of your situation with the attorneys at Baginski, Brandt & Brandt to discuss possible paths forward. Contact us today to book your consultation.