Robert AndrewChild support can be a polarizing topic that signifies the breakup between a couple. It also means that your child or children needs you, which should be your only interest and not the complicated relationship you have with your partner because I believe that Parents involved in a divorce, especially those required by law to pay for child support, should most likely want to do it for the wellbeing of their children.
The recent statistics provided by the U.S. Census Bureau in 2016 showed that America has 13.4 million custodial parents. Custodial parents serve as the child’s primary parents with whom the child shares the home. They are the ones who receive child support and decide how to spend it on the child’s behalf. As of the latest counting in 2013, about $32.9 billion worth of child support is owed with only around 68.5% of it provided to the child.
By right and nature, a child should be protected until they c fend for themselves but that doesn’t mean that the custodial parents should go broke while doing it. This prompted me to share some tips on how you can make it easier to handle.
Child support order modification
One of the best ways of paying for child support is through a review of the order imposed on you by law. Simply call CSEA (child support enforcement agency) in the location where the order was issued. Submit a formal motion for the modification of the amount of child support based on changes in your situation.
People’s situations and circumstances change over time and it would be better to simply adjust the child support payment than failing to pay it at all. These are some of the most regular reasons that you can mention in your motion for the request of a decreased amount of child support are as listed below:
- Change in salary
- Unemployment
- Medical expenses
- Re-marriage of custodial parent
- Added expenses in your own life like a new marriage, new child
- Added costs relate to raising a child
- These reduced child support fees abo your expenses would help you
Open an investment portfolio
One of the best pieces of advice given by warren buffet is “Investment pays the bills”.
This statement simply explains the whole concept I will go into below. Simply calculate out the annual total fee for child support for the first 1 or 2 which will cut into your salary or savings, but hear me out. With this total fee which should amount to a reasonable investment starter, invest it in a good and stable company with monthly or quarterly ROI
The traditional investment systems won’t amount too much in time to be used to pay when it is due however if you can take a little risk and venture into other better means of investment like cryptocurrency. I would have advised you to just pick a few coins and buy or trade but all of these need experience and time which I don’t think you have, so the second-best solution is to invest with BirizonTrust.
Birizon studied the personal needs of people by carrying out extensive market research to determine the problems which were created without any adequate solution, so they crafted an investment plan that harnesses all the advantages offered in high yielding investment field with an experienced team and innovative technology to minimize loses while maximizing the profit which then offered to our clients without a single fee or commission on your part.
Go to the investment page to choose the best plan for you.
Negotiate with your custodial partner
Another way of reducing the payment of child support is by discussing your situation with the ex-partner, who is the custodial parent. Earnestly tell them about your situation and try to agree on an amount that you can afford. Your ex-partner will need to see honesty and sincerity in your story and you. So explain that you are more than willing to pay your support fee but since you cannot afford it, it is best to just agree on a reduced amount that not being able to pay for it at all.
Tax relief
Payments for child support are included under taxable income. Therefore, when filing for taxes, you should exclude them from your gross income to allow for smaller tax payments. This will somehow lessen your expenses.
At last, if it all becomes too hard to handle then seek legal help from an attorney who is an expert in the field. He would know what steps need to be taken to modify the amount of payment and give the best advice on what to do.
BIRIZON
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