If you earn the bulk of your income through commission, which is common in professions such as sales, you'll need to keep a series of points in mind during a situation in which you'll be paying child support following a divorce. Child support is necessary to help give your children the opportunities that they deserve, but the nature of your business can introduce some challenges of which you'll need to be mindful. Here are some tips that you'll want to keep in mind and discuss with your family attorney.
Base The Support On Your Year-Over-Year Averages
When a family court judge will evaluate your financial situation to determine how much you'll be paying per month in child support, it's common for you to have to submit financial statements from the previous year. You should note how much you earned that year versus other years. If you earned significantly more, you don't want to pay child support solely based on that year alone. Instead, it would be better to pay support based on an average of your year-over-year earnings. For example, if you usually make about $45,000 but you made $70,000 last year, paying child support based off the latter number could be unfeasible for you.
Keep Some Money Saved
If you haven't mastered the art of saving money in the past, now is the time. Saving money is critical when you work in a commission-driven industry, and even more important when you need to make monthly child support payments. When you have a good month, don't be in a hurry to spend all of your money with the impression that your next month will be just as lucrative. There are lean months in any commission-based job, and paying child support at these times can be difficult. If you've saved some money from a good month, you'll be able to easily cover your payment during a lean month.
Help Out Extra When You Can
It never hurts to give your ex-spouse some additional money for child support when you have it. You need to assess the nature of your relationship, though, and ensure that he or she is aware of your commission-based income and understands that just because you can give more money this month, doesn't mean that you'll have more to give next month. Giving extra when you're able can help your children and also make the dynamic between you and your ex a little easier.
Contact a firm, like Kleveland Law, for more help.