In the world today, divorce rates have gone up and the number of single parents has really gone up all over the world. Child support money has never been required in any other generation as much as in this generation due to the single parenting trend as the single parents step forward to seek help from their partners to help in making sure the children are well taken care of by providing child support money. It is, however, sad that many still do not understand how child support works yet they are paying or receiving it, therefore, here are a few facts about it that will get you more informed.
One of the major facts that people really need to be informed on concerning child support is that more often than not, it is likely to fall short of the needs that have to be met on a daily basis. The paying parents, especially, need to hear this since most of them are usually having the assumption that what they pay for child support is too much and that their exes are enjoying spending their money, and at times, they even have concerns that the money is not being used on the children at all. This is, however, not true in majority of the cases because, given the many expenses of a child on a day to day basis, this money is hardly ever enough as it is, and the receiving parent has to fill in the rest of the money as a result, to ensure that the child is getting all that they need. It is, however, wrong for one to assume this since you will find that in most cases, the receiving parent has to fill in some money to cover all the expenses of the child on a day to day basis since the child support money often is not able to cover all the expenses involved. One should, therefore, not feel cheated when they see their ex having a new car or some luxury since that could be their own money.
The second fact that people need to know is that child support does not always have to be spent only on the children. This situation can come up in such a manner that in any particular month, a child’s expenses can go up such as falling ill or needing equipment for gym class and the receiving parent can fill in to meet these needs, therefore, when the child support money rolls in, they can use this money to make up for the extra money that they spent in the previous month, and they do not have to account for it, given the children have all their needs.
It is also important to note that most states do not count child support money as income, therefore, it is not tax deductible and one does not have to list or claim it as part of their income.
Knowing the above facts enables you to better understand how child support works and as a result, you will be more at peace paying it or receiving it or even spending it. Find out more about child support laws.
Get additional info at https://en.wikipedia.org/wiki/Child_support