While parents typically seek to spend as much time with their children as possible, doing so within the scope of a child custody laws could lead to certain unexpected challenges. Some of these challenges include financial aspects. Parents seeking to understand the parenting time financial impact in Will County are recommended to contact a seasoned attorney. Our compassionate parenting time lawyers could help you understand and prepare for your parental obligations.
The parent allocated most of the parenting time is typically awarded child support from the other parent. In Illinois, the current child support statute has both parents paying their respective percentage of net income for child support. It is presumed under the law that the parent with the majority of parenting time spends more of their money on the children compared to the other parent. While the current child support law may have flaws, it is more appropriate compared to the old law. The parties could be adamant about child support in that one parent may wish to receive support or may protest to the idea of paying. Since each situation is unique, both parties are recommended to speak with an attorney to understand their individual options. Other financial considerations could include distance or travel costs that may cause financial burdens upon the parents.
If one parent has sole possession of the children, the other parent may be ordered to pay child support. Their payment could be used to pay health expenses, extra-curricular activity costs, and other expenses. Parents cannot escape those responsibilities whether they see their children or not. The parent who is awarded all of the parenting time is typically responsible for providing for the child. An attorney could explain more about the parenting time financial impact in Will County.
The ordered child support payments are directly affected by the amount of overnights awarded to each parent, which is a change under the new child support law. In the past, child support was ordered in a percent of the payer’s net income no matter the number of overnights. If the payer had one child, they would pay 20 percent of their net income. If the individual has two children, they would pay 28 percent of their net income.
Under the new law, overnights are a major factor in child support calculations. If a parent has 40 percent of the overnights in a calendar year, which is 146 overnights, they typically pay significantly less in child support. The parent who has the child 40 percent of the time spends more of their money on the child than a parent that sees the children on weekends only. If a parent has fewer than 40 percent or 145 overnights or less, they pay more in child support. While the new law improved many of the old law, it is not without its own failings. The new law tries to balance the relative incomes of both parties in lieu of simply applying a percentage. It also takes into consideration that many parents now share equal parenting time. This new law has created a scenario with parents wanting more overnights to avoid paying more in child support.
Pertaining to the specifics of taxes and allocation of parenting time, the IRS codes stipulate that the parent with the majority of the parenting time could claim the children when filing their taxes. It may also be crucial to note that Federal Tax Laws could change. Under the new tax laws passed in 2018, the exemption for children has been phased out and the tax power of “claiming” children has been diminished. Before the new tax law, it was a common negotiating chip for the parents to alternate claiming of the children. This decision could be made by the parents. Whoever has most of the parenting time is typically awarded the tax credit for the children federally and under the state law.
To learn more about the parenting time financial impact in Will County, reach out to a lawyer. An attorney could help you establish a fair parenting plan and explain to you how it could impact you financially. Contact us today to set up a consultation.