Due to the high rate of divorces today and the high number of single parents, a lot of children are now growing up in homes that are run through single parenting. Given this trend, the need for child support money has gone up in order to help the parent who is raising the children to be able to meet all of the child’s needs and ensure they grow up having all that they need. However, it is unfortunate that many people still do not know how this child support money works, therefore, here are a few facts about child support that these people need to know.
One of the major facts that people really need to be informed on concerning child support is that more often than not, it is likely to fall short of the needs that have to be met on a daily basis. The paying parents, especially, need to hear this since most of them are usually having the assumption that what they pay for child support is too much and that their exes are enjoying spending their money, and at times, they even have concerns that the money is not being used on the children at all. However, this assumption is never true in many cases since in the first place, you find that this child support money is hardly ever enough to cover all of the child’s expenses and the receiving parent often has to fill in the rest of the money required to ensure the child has all that she or he needs. Therefore, if you see your ex with a new car or on vacation, that could be her or his own money they are spending, as long as the child is being well taken care of.
The second fact that people need to know is that child support does not always have to be spent only on the children. This is so such that, the receiving parent may, sometimes, have to fill in to meet some of the children’s expenses during the month, therefore, when the child support comes in, it could be making up for the extra money that was spent in the previous month and the receiving parent can spend it however they like, as long as the child is receiving all that they need for a good upbringing.
It is also important to note that most states do not count child support money as income, therefore, it is not tax deductible and one does not have to list or claim it as part of their income.
In conclusion, by knowing the above facts, one is able to pay, receive or spend child support money accordingly knowing fully what their rights are.