In the current atmosphere of economic instability, the possibility of job loss is very real for many people, and a factor that can be largely out of your control. We all do the very best we can to ensure that our children have adequate financial support. However, if we lose our income, or if it is reduced by taking a lower paying job, we often become unable to afford the same child support levels we previously committed to.
Child Support Payments After Losing Your Income
In the unfortunate event that you are fired or laid off from your job, it is important to take steps to adjust your monthly child support payments as soon as possible. This is necessary to avoid winding up in arrears on your child support obligations, which can lead to consequences like being held in contempt of court or even losing your driving or professional licenses.
If you lose your job, apply for a modification as soon as possible. Contact us as soon as your income changes so that we can get actions in motion reduce your monthly obligation to something that you are able to afford in your current circumstances.
Adjustments in child support cannot be made on payments that are in arrears. Putting off making adjustments can result in costly back payments that are based on your old salary level. For instance, if you were paying $600 per month based on what you earned before, and you allowed four months to go by without a payment, you would owe $2400, regardless of what your income was over those four months. Handling the issue in a timely manner can prevent crippling back payments during your job search.
No one is immune to economic uncertainty. However, we can reduce the possible problems that come from that uncertainty by dealing with legal issues before they become problems. Contact us immediately if you are subject to a child support agreement based on a salary above what you currently earn.on Jun 20, 2012