Can I reduce my child support obligations ahead of retirement?
Posted in uncategorized on May 3, 2018
If you are paying court-ordered child support for a dependent, or spousal support for a former husband or wife, it is likely that you will already be familiar with the process of establishing financial support orders. Usually, the process is quite uniform, and the amount owed will be simply calculated based upon the number of dependent children and the income you earn.
As you get closer to retirement, you will probably become more conscious of the savings that you have, and wonder whether you will be eligible for reduced child support or alimony payments because you are approaching the end of your career.
Will I be able to reduce my child support payments as I get closer to retirement age?
Since child support payments are determined by income, retirement will of course have an impact of your income, just as it would if you were to become unemployed or get demoted. Therefore, if you have had a change in your income, or if you expect your income to decrease in the near future because of your approaching retirement, you may be able to go through the child support modification process.
What problems might arise when I am applying for child support modification?
If you are not fast approaching or already past the age of 65, the courts may consider it inappropriate or entirely voluntary that you are retiring. If you have enjoyed a high income throughout your career and have decided to take an early retirement for reasons other than medical issues, the courts may uphold your child support payments.
The courts will also consider the likely intentions that you have for retirement. They will also consider whether you have planned how you will support your children financially through your retirement. Ultimately, the courts will always make decisions that are in the best interests of the children involved.
If you would like to reduce your child support payments prior to your retirement, it is a good idea to learn more about your rights before taking any legal action. Your best chance of obtaining a child support modification is to present a logical case supported by fact-based evidence.