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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 07-14-2016, 11:01 AM
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What does your agreement/order say about updating or sharing financials?
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Old 07-14-2016, 01:08 PM
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What a mess! I think the issue here is a misunderstanding of the agreement/order or something very important is missing.

I recommend that the original poster seek professional advice to get a clear explanation of the agreement/order in place and if something is missing, get it rectify and amended in Court ASAP. But surely, the poster needs to get instructed on how to proceed on a yearly process as the question is pretty mixed up! Maybe the legal costs will be worth the pain.

rockscan... I admire your patience! Ouffff!
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Old 07-14-2016, 01:39 PM
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Quote:
Originally Posted by keepcalmandmoveon View Post
I'm just trying to figure this out. Maybe you should have asked more questions before jumping to conclusions.

So let me see if I understand what you are saying.
In a sole custody arrangement child support is set but may change in special circumstances.
Ina shared custody arrangement cs is updated annually based upon both parents NOA line 150.

Is that correct?
You ought to have had all this figured out when you did up the separation/divorce agreement or got the court order. Why would you sign something you didn't understand back then?

Anyways, this is the system:

If one parent has more than 60% of the custody, CS is only paid by the other parent.

If both parents have between 40%-60% of the custody, ie, 50-50, they each pay CS to each other.

In BOTH cases, the amount of CS is determined by the person's income, which is looked up in a federal table. Income is determined initially by various means, such as a recent paystub for a salaried and steadily employed person, or maybe the average of the last three years' line 150 notice of assessment on the tax return for a self-employed person.

In BOTH cases it is then updated annually, usually by sharing the notices of assessment and using line 150. This keeps it relatively current and follows minor changes in income well enough to make most people happy.

In the 50-50 custody situation, to 'simplify' things, instead of each parent paying their full CS amount to the other, the parent with the higher amount pays the parent the difference between the two. This is known as the offset system.

So in your 50-50 situation, you provide your ex with your tax return to show your current income, and he provides the same for you. You both calculate your new CS amounts, and what the offset one of you should pay the other would be. It's pretty standard for orders to have a date by which this should occur and the date the new amount comes into effect. Go look it up to see what it says in your agreement or court order.

So, yes, CS is dependent on income, not assets. If one parent wins the lottery, unless it changes their income (they quit their job, or invest the winnings and get interest income) it won't change CS. This can be unfair, yes, and that is why a system exists to impute income to someone whose income doesn't accurately reflect their situation. Unless you think that applies to you or your ex, I wouldn't bother trying to figure it out though.

Hope this helps.
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