Raising children is hard – and expensive – work for a parenting team. However, if that parenting team is no longer together, many issues arise for the adults and children. Beyond co-parenting decisions and parental responsibility (formerly known as custody), many parents also struggle with child support payments or accountability.
If you are currently receiving child support, or if you are currently paying child support, it is important that you know Illinois regulations are changing in 2017. New laws and guidance are set to take effect on July 1, 2017 in our state, and it will affect your child support payments.
Here’s what you need to know:
Set percentages are going away
Currently, the Illinois law about child support payments revolves around set percentages. For example, for one child, the support payor is responsible for paying 20% of their net income. Two children increases the payment to 28%, three children requires a payment of 32% and four children increases the payment to 40% of the payor’s net income.
Beginning July 1, 2017, these percentage guidelines will go away. Instead, the payments will be calculated based on shared income of both parents.
Child support payments are more personalized and unique
The new Illinois child support law, effective July 1, 2017, will use an income shared approach. This approach means the court will consider and count the net income of both parents, as well as how much the parents would spend on the child(ren) if they were living together.
Consider this hypothetical example: if there is one child, the parents may estimate they would spend $20,000 yearly on costs associated with the child. If the parents make the same amount of money, the payor would be responsible for 50% of the $20,000. This would be $10,000 annually. In contrast, if one parent made 70% of the combined income and the payor made 30% of the combined income, the payor would be responsible for 30% of the $20,000 yearly total.
These new law changes could significantly affect your child support situation. You may end up being able to receive more support money, or you may end up saving money by sending less money to the recipient. It is wise to get guidance from our team to assure you understand these changes.
You need to set an appointment with us sooner than later
Feeling confused, anxious, or overwhelmed? Let us talk you though it, taking into consideration your specific situation and challenges. Don’t wait until the beginning of summer to make your appointment with us. Instead, let’s get together soon so that we can best prepare for this new approach.
Our initial consultation is free, and we use that time together to gather information about your current situation. Let’s meet soon!