The payment of child support can be a hotly contested issue in a divorce. There are many factors involved in determining the amount to be paid, and parents should be honest and forthcoming concerning each of the factors to ensure the amount is accurate to support their child.
A father has recently brought an action against his ex-wife, stating that she failed to disclose certain financial assets at the time of their divorce. He states that she invested, unbeknownst to him, between $10,000-$50,000 in Twitter when it first sought investors. They didn't file for divorce until six months after she allegedly made the investment. The stock is now worth between $10 million-$50 million and she failed to report the stock as an asset during their divorce. The man was ordered to pay $2,465 each month for child support for their sons, which he feels is three times the amount he should be paying as he made $43,000 the year the were divorced. He is seeking 30% of her Twitter stock and $120,000 in child support payments that he has made up to this point.
The granting of child support in the event of divorce provides a way for a child to be financially supported by both parents. It is paid by the non-custodial parent to help share the costs of raising a child. In Georgia, the amount to be paid is determined by applying a shared income approach. This method takes into account the incomes of both parents, as well as other costs such as health insurance and childcare, to determine an amount sufficient to meet the needs of a child by using a rate table. Certain circumstances may cause a court to deviate from this amount, although a custodial parent's significant income may not in itself justify such a deviation. If circumstances arise after an order is made that may cause the amount to be increased or decreased, either parent can seek a modification every two years.
Child support is ordered so that each parent can share the costs of raising a child, without one party being subjected to pay more than what is fair. Parents going through a divorce may seek the counsel of a family law attorney to help them through the process of determining child support.
Source: New York Post, "Ex bitter over Twitter stock sues," Julia Marsh, Nov. 26, 2013
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