If you share children with your former spouse, you will likely be required to provide some sort of financial support for them. The state of New Jersey uses a number of factors when determining how much you’ll owe, and these factors include your income, the number of children that you need to support and the amount of time that you spend with them.
Most of what you earn is considered income
For most people, their wage income will typically determine how much they should expect to pay in child support. However, the state also recognizes profits from the sale of investments or from the operation of a business as income. It also recognizes gambling winnings, royalties and in-kind benefits as part of this calculation. The state may also impute income if there is reason to believe that you have the ability to earn money or an ability to earn more than you currently do.
Parenting time may influence a child support order
If your child routinely spends the night at your house, you may be able to assert that you’re in a shared parenting arrangement. This may allow you to pay less in formal child support whether you’re a custodial or noncustodial parent because you are already providing your kids with food, shelter and other necessities.
Once a child support order has been issued, it remains in effect until it is altered, suspended or revoked. A failure to comply with its terms could result in a fine, jail time or other penalties. Typically, a past due support balance cannot be eliminated even after an order is modified or if you file for bankruptcy.
