If you recently came to the realization that you will have to pay child support, you could have many questions and concerns. For example, you might have anxiety about your ability to stay current or the amount you will owe. In fact, various considerations arise with respect to making child support payments, especially if you have a high net worth. For example, if your child support order requires significant payments and you lose your position or face financial setbacks for another reason, staying current could become very difficult.
A lot of parents have their child support payments withheld by their employers. If you expect to have child support taken out of your check, it is important to develop a clear understanding of income withholding.
Most parents pay child support through income withholding
According to data published by New York’s Office of Temporary and Disability Assistance, nearly one million kids receive child support across the state. Moreover, 70% of the child support collected in New York comes from income withheld by employers, totaling over $1 billion on an annual basis. Income withholding orders can make it easier for parents to make sure they stay current, but problems can arise.
Other income withholding considerations
It is important to understand how much child support your employer will deduct from your wages and plan accordingly. Sometimes, withholding orders do not go into effect right away. Therefore, you could have to find another way to pay child support until the order begins. Make sure you stay current on your obligations since falling behind could result in the loss of your driver’s license, professional license, passport and even freedom.