For many parents, child support is an important part of ensuring the well-being of their children. In Florida, as in many other states, the amount of child support can be modified when circumstances change. Let’s explore what those circumstances are so you can be better informed about when a child support agreement may be modified.
Change in Financial Circumstances
One of the most common reasons an increase in child support is awarded is when a significant change in financial circumstances arises. While temporary changes in income won’t prompt a change, permanent changes will. These can come in the following forms:
- Increase in the paying parent’s income: Child support amounts are largely based on the income of the paying parent. A substantial, permanent increase in that income can open the door for a request for an increase in child support from the receiving parent.
- Decrease in the receiving parent’s income: The purpose of child support is to ensure the child is able to receive the care they need. If the receiving parent suffers a significant decrease in income, child support may be increased to make up for the lost income.
- Job loss or career change: A parent losing a job or switching careers can lead to a drastic change in their financial situation. These changes in circumstance can prompt a reassessment of the child support arrangement.
- Inheritance or windfall: If either parent receives a substantial inheritance or financial windfall and courts determine that it’s large enough, this change in fortunes may be grounds for increasing the amount of child support.
Additional Child Needs
Children’s needs aren’t static. They require different levels of financial support at various stages of their life. Unforeseen circumstances and other life events can also alter their financial needs. Some situations that may prompt a change include:
Read More.
The Orlando Law Group
-
Jennifer Englert Schmitt Founder and Managing Partner
- November 06, 2024
- (407) 512-4394
- Send Email