The financial impact of divorce on your children

On Behalf of | Oct 20, 2022 | Family Law/Divorce

Divorce is always difficult, but when children are involved, the stakes are even higher. Divorce can significantly impact your finances, both in the short and long term. In addition to legal fees, you may also need to find a new place to live and furnish it. You may need to adjust your budget to reflect changes in your income and living expenses. You may also need financial support from your former spouse if you have children. 

How will the divorce affect your children financially? What steps can you take to protect their financial future? 

New York’s child support calculations

In New York State, the amount of child support a non-custodial parent will be required to pay is calculated using a set of guidelines known as the Child Support Standards Act. The basic premise behind these guidelines is that each parent is responsible for providing financial support for their children. The amount of support a parent must pay is based on their income, the number of children they have and the amount of their parenting time.

The court also takes into account the costs of childcare and medical insurance. While the Child Support Standards Act provides a general framework for calculating child support payments, there may be variations from case to case. For example, if a child has special needs or other extenuating circumstances, the court may order a different amount of child support. Ultimately, it is up to the court to determine how much child support will be paid in each case.

The child support system can be confusing, but you don’t have to go through it alone. A legal representative can help you understand the process, increase your chances of getting the payments you need, and ensure your children’s financial security.