Paying child support is often a big financial investment to make for anyone. Because of that, the idea of continuing to pay child support even after losing a source of income may seem impossible.
Are you still expected to keep making these payments even in the event that you lose your job?
Formulas that determine child support
Forbes discusses what happens in the event of someone paying child support and losing their job. Many companies over the last few years have had massive and sweeping layoffs of many different workers. This leads not only to the emotional difficulty of job loss but to the reality of having bills to pay and no source of income to pay them with.
Child support is often determined by one of three different formulas, with the Income Shares Model serving as the most common. This considers the combined income of the parents and how many minors they need to support.
The Percentage Income Model works based on a percentage of parental income and the number of minors supported. The Melson Formula uses numerous factors including the child’s needs, standard of living adjustment, and parental income.
Negotiating lower payments
Fortunately, it is possible to adjust and reduce child support payments in the time that you are jobless due to forces outside of your control.
It is possible to negotiate lower payments for a temporary period of time. However, do note that you cannot simply ignore a court order even due to job loss. Refusal to pay outright can result in fines and jail time.