If a substantial change in circumstances, such as job loss or serious illness, generates the need to increase the amount of child support received or decrease the amount of child support paid, a child support modification may be appropriate. It is important to handle these matters as quickly as possible because child support payments are not retroactive and refunds are not available.
If the courts determine that a child support modification is applicable to your situation, they will apply the Child Support Standards Act formula on all combined parental income up to at least $143,000. If your combined income exceeds this amount, the court may use its discretion to determine the appropriate amount of support.
If you and your child’s other parent prefer to come up with an agreement outside of the court, you do not have to apply state guidelines. The attorneys at The Mandel Law Firm can simply draft the necessary documents to accomplish this for you. In any event, it is always in your best interests to consult an attorney so you will know exactly what your potential rights and responsibilities are when you “negotiate” the terms of your agreement. This is a classic example of knowledge being power. You also want to be certain the agreement you establish will stand up in court, if court intervention should become necessary.