How Does Owning a Business Affect Child Support?
Are you a self-employed parent on Long Island who is wondering how owning a business will affect child support? If so, the Law Office of Joshua Adam Kittenplan, located in Commack, is here to assist you during these confusing times.
Most business owners assume that it is simple to calculate child support. Yet, they fail to understand that this is not always the case. If you or your former spouse is self-employed in Nassau or Commack, here is what you should be aware of:
- The court will use employment information to calculate support payments.
- Self-employed parents on Long Island are eligible to deduct legitimate business expenses from their gross profits, and their income will be calculated based on their net earnings.
- Additional documents, such as bank account statements, profit and loss statements, business ledgers, or financial affidavits can be used to ease the process.
- Stock options also have to be considered, as well as any income from any side businesses, no matter how small.
- You must include lottery winnings, royalties, fringe benefits, and in-kind benefits.
Is your self-employment income irregular? If so, it is recommended to have a divorce lawyer available to advise you and sort through this common child support situation by explaining it to a judge.
Can you modify the amount of child support that you are paying?
With a divorce attorney’s guidance, there are a few situations that would allow you to modify the amount of child support that you are paying. Keep in mind, approval is needed from both parties:
According to Nolo, examples of the types of changes that most commonly support modification orders are:
- a child’s medical emergency
- the paying parent’s temporary inability to pay (for instance, because of illness or an additional financial burden such as a medical emergency or job loss)
- the recipient parent’s temporary economic or medical hardship
- either parent’s employment change
- either parent’s disability, or
- a change in the child’s needs.
At the Law Offices of Joshua Adam Kittenplan, our attorneys have dealt with many child support cases and have an understanding on how to hold deceptive spouses accountable for their actions. Seeking a divorce? Or just solving a complicated child custody scenario? Either way, it is important to be aware of your options so you can receive the outcome you and your children deserve.
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New York Attorney Advertising. This is written for general information only. The information presented should not be considered formal legal advice. Prior results do not guarantee a similar outcome