I would like to sell the house my mother left me, but do I have to claim this as "income" for child support since it is a one time sum of money?
2006-08-11 15:34:05 · 9 answers · asked by penny12899 2 in Politics & Government ➔ Law & Ethics
Child support is based on the finicial responsiblity of the person paying, Your support is decided by the court based on your income.
This is not true income, but would be looked at by the court as what your ability to pay would be.
Does your court require you to report any change in your finical situtatin, or does it require you to report changes in income only. Or do you have to report to them any change.
In general I doubt if you owe support from the, but it could change your overall situation, where they may want more from your other income.
I would talk to the attorney who did your child support case and let him decide. It will depend on the terms of your child support and the state laws in the state where the child support is ordered from.
2006-08-11 15:48:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have to claim it no matter what - tax purposes and all.
If you are paying child support, and it was set at a certain amount each month, then that is what you pay. The other parent can petition the court to re-examine the amount based on the fact you came into some money.
I would think that you would wish to "share" in the "windfall" you have received with your kid(s). Giving some money? Maybe starting a college fund for the kid(s) so they can have money for the future (some funds only take a minimum of $50 to open, and they - like an IRA - have mutual funds that can make more money). Do you honestly want to keep that money all to yourself??
2006-08-11 15:50:37 · answer #2 · answered by volleyballchick (cowards block) 7 · 0⤊ 1⤋
The inheritance is safe as long as you are up-to-date on your child support. You can do what you wish with the income, including using part of it to set up a trust fund or college fund for the child or children. If you want to spend it all on yourself, you can do that too.
If you are in arrears on the support, the amount you owe the other parent CAN be taken from the proceeds of the inheritance.
2006-08-11 16:04:55 · answer #3 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
Child support is an obligation that is ongoing for as long as the judge says so. Inheritance is not proportioned to your support debt. However, the courts can garnish your part of an inherited estate to pay support if you are behind, or lax in payment.
2006-08-11 15:44:41 · answer #4 · answered by Sonny 4 · 0⤊ 0⤋
the priority you're describing is so a concepts out - uncommon if ever does this ensue. If he became this undesirable he ought to correctly be off the grid as well - no longer waiting to be were given the following throughout to pay. seem, optimal women human beings human beings i understand who receive funds for infant help - it is not any longer plenty and definitely particularly helps out. children are intense priced. those adult men i understand *****, yet they have the functional autos, massive televisions, and funds to spend on their girlfriends. The mom's i understand are scrapping to get with the aid of making use of, have particularly operating autos, and paintings a ton of hours. My husband paid his infant help with particularly no courtroom circumstances till ultimately his daughter became raised (she's 25 now). the money he despatched became no longer rather a lot sufficient to bolster a infant. *** That female appears like a selfish fool and is not any longer the norm contained in the international in which I stay. the females i understand ought to decide on to help the ex (and one i understand whose husband had some short-term pastime project at the moment did help him till ultimately he were given on his feet). contained in the realm you describe the personal college ought to pass or the money ought to come from another position. the particularly women human beings human beings i understand would not act like that female. and that i although stand with the aid of making use of that isn't a generic problem.
2016-11-29 23:09:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Probably. You need to call your CPA or attorney to be sure.
It depends on the laws in your state and what your decree says.
2006-08-11 15:41:06 · answer #6 · answered by Lisa the Pooh 7 · 0⤊ 0⤋
no if you are already separated than no have fun with money but do somthing special 4 your child
2006-08-11 15:51:43 · answer #7 · answered by lexi 3 · 0⤊ 0⤋
Yes you should be helping your child/children as much as you can. Take responsibility and quit being cheap.
2006-08-11 15:37:10 · answer #8 · answered by ? 3 · 0⤊ 2⤋
yes, it just like celebraties and all there money it doesn;t matter where it came from it's money regardless
2006-08-11 15:41:14 · answer #9 · answered by Chell dog 4 · 0⤊ 0⤋