Parents naturally are most concerned about their children at the time of divorce. One of the most important issues to be decided is how and in what amounts the children will be financially provided for.
The Missouri Supreme Court has developed a way of calculating the amounts needed for support of children: it is called the Form 14 and it is readily available on the internet. The Form 14 child support amount is based on the gross (before tax deductions) income of each parent, the number of children of the marriage and various adjustments to income, including (among others) the cost of work-related child care and health insurance for the children.
The Form 14 seems deceptively simple. It might appear that all one needs to do is plug in the gross income of each party, along with some other expenses like day care, and then out comes a child support number. Calculating child support is not, however, as easy as it might first appear. For instance:
These and many other questions can cause distress and conflict when trying to come up with the “right” amount of Form 14 child support. Fighting this issue in court can turn into a bitter and expensive battle with your spouse.
In the collaborative divorce process you and your spouse can look at your individual circumstances and come to creative solutions that meet the interests of each of you and, most importantly, your children. With the help of your collaborative attorneys, your coach, and your financial professional, you and your spouse can discuss what your actual expenses are for your children and then come to decisions about how you want to pay those expenses. Maybe you will decide that no child support money will flow from one parent to the other parent and that you and your spouse will each pay certain expenses or certain percentages of all of the expenses for your child. Or, maybe you will decide that it is right that one parent pay child support to the other and agree on the correct amount for your family. Or, you might conclude that an agreed upon support amount will be paid less than 12 months per year.
The options available to you in collaborative divorce for making decisions about what is best for financial support of your children are limitless. Using the collaborative divorce process to analyze financial support of your children allows you, with the support and help of your collaborative team, to take a deeper dive into thinking about what your children need and what you and your spouse will be able to afford after the divorce. Once you are armed with the facts, you and your spouse can make informed decisions about how best to provide for your children in your unique family situation.
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You’ve fallen in love, your intended is a wonderful person and you’ve decided to get married! But . . . it’s complicated. He has children from a prior marriage and she makes a lot more money and has many more assets. You both want to protect your assets for yourselves if the marriage does not […]
Parents naturally are most concerned about their children at the time of divorce. One of the most important issues to be decided is how and in what amounts the children will be financially provided for. Missouri Form 14 The Missouri Supreme Court has developed a way of calculating the amounts needed for support of children: […]
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Divorcing parties are often concerned about financial assistance to or from their ex-spouse after a divorce. In Missouri this form of financial assistance to an ex-spouse is called maintenance, formerly called alimony. There is no agreed-upon mathematical calculation for determining when one is eligible to pay or receive maintenance, for how long, and in what […]