A crucial part of divorce is how the child will be cared for financially. According to the latest data in the U.S. Census Bureau’s Custodial Mothers and Fathers and Their Child Support: 2015 report which was re-released in February 2020, only 43.5% of all custodial parents reported receiving the full amount of child support they were due. 

Additionally, only 39.2% of the 1.6 million custodial parents with incomes below the poverty level received full child support payments in 2015. 

Many single-parent families rely on child support payments to cover the costs of daily necessities such as food, clothing, and shelter. A child support order must also grant medical support which includes health insurance and any out-of-pocket medical costs. 

The basic award may even be increased to cover a prorated share of educational expenses such as tuition fees, tutors, and school supplies. In cases where the custodial parent is working or in school, child support may also include childcare expenses. 

The method in which child support is computed varies for every state. In New York, child support is based on a formula that analyzes both parents’ gross annual incomes and how many children the parents share, with their ages also considered. 

Understanding New York’s percentage-based formula 

The Child Support Standards Act was implemented to ensure fair and consistent child support awards in the state of New York. Under this law, basic child support is set at a fixed percentage of combined parental income (CPI).  

These percentages are as follows: 

When determining the amount of child support, the court will examine each party’s latest tax return and assess every possible source of income including: 

The court considers all available financial data, including earnings that should have been reported but did not appear on the tax return. 

This percentage-based formula is applicable for CPIs up to $154,000 or less, before deductions such as Medicare and FICA tax. The court will then consider whether to calculate any combined income over $154,000.00 and they will go through a list of factors to make that determination.  

Get reliable and compassionate legal representation 

Not all child support matters can be resolved amicably. High-income divorces can trigger complex financial concerns, which is why it is critical to have a dedicated lawyer on your side. 

The Law Offices of Ian S. Mednick is committed to delivering aggressive representation for divorcing clients. We have the knowledge and courtroom expertise to help you issue and enforce an order for child support. 

Attorney Mednick understands the financial burdens associated with divorce and child custody cases. Hence, we strive to provide personalized attention while keeping costs at a minimum. 

Request a free consultation now and protect your child’s well-being and financial security.