By: Attorney Shira Truitt
The shared income method of child support is a method of calculating child support payments that takes into account the income of both parents. This method is based on the idea that both parents have a financial obligation to support their children, and that the amount of support should be based on each parent's ability to pay. Both Illinois and Missouri use the shared income method of calculating child support.
Under the shared income method, child support payments are calculated using a formula that takes into account the income of both parents, the number of children being supported, and any other relevant factors. The formula is designed to ensure that the total amount of support paid reflects the relative income of the two parents and the needs of the children.
One of the key benefits of the shared income method is that it provides a more accurate and fair way of determining child support payments. By taking into account the income of both parents, the shared income method ensures that each parent is contributing an appropriate amount based on their ability to pay. This can be especially important when one parent has a significantly higher income than the other.
Another advantage of the shared income method is that it can be more predictable and consistent than other methods of calculating child support. By using a formula to determine the amount of support, there is less room for disagreement and uncertainty about the amount of support that should be paid.
There are a number of resources available for parents who are interested in learning more about the shared income method of child support. The Department of Health and Human Services provides information on child support and the various methods of calculating support payments, including the shared income method. Additionally, many states have their own guidelines and formulas for determining child support payments, and may offer resources and assistance for parents who are seeking to understand their rights and responsibilities under the law.
The shared income method of child support is a fair and effective way of determining the amount of support that should be paid to support children. By taking into account the income of both parents and the needs of the children, the shared income method ensures that both parents are contributing an appropriate amount based on their ability to pay, and that the children receive the support they need to thrive.
Department of Health and Human Services. (n.d.). Child Support Basics. Retrieved from https://www.acf.hhs.gov/css/resource/child-support-basics
National Conference of State Legislatures. (n.d.). Child Support: Overview. Retrieved from http://www.ncsl.org/research/human-services/child-support-overview.aspx
If you need legal advice or a lawyer in Illinois or Missouri, please contact The Truitt Law Firm, LLC for assistance. For more information on The Truitt Law Firm, LLC or to schedule an appointment, please go to www.thetruittlawfirm.com.