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Child support and investment/retirement accounts

Established Member

Child support and investment/retirement accounts

I have saved up a small amount of cash over the yrs and plan to put it in a retirement account


I wanted to find out if that makes any money over the yrs will that income be factored in the Child support payments ?


Any specific kind of accounts ( investment or retirement ) whose income is not subject to CS ?


I already pay a good amount and have never once missed a payment ( and it is not court ordered yet)


thanks

Message 1 of 8
7 REPLIES
Senior Contributor

Re: Child support and investment/retirement accounts

When I attempted to collect child support, the forms asked for interest income.   When it came right down to it, the courts always went off of actual PAYCHECK or inputed income for both parties.  Interest income and retirement account were not a factor.

 

Keep in mind, all my kids are adults now.  Things may have changed.  Or it may be different in your state.

Message 2 of 8
Valued Contributor

Re: Child support and investment/retirement accounts


Scharnhorst wrote:

I have saved up a small amount of cash over the yrs and plan to put it in a retirement account


I wanted to find out if that makes any money over the yrs will that income be factored in the Child support payments ?


Any specific kind of accounts ( investment or retirement ) whose income is not subject to CS ?


I already pay a good amount and have never once missed a payment ( and it is not court ordered yet)


thanks


Seems like you should talk to an attorney.  

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Message 3 of 8
New Visitor

Re: Child support and investment/retirement accounts

You really should talk to an attorney. Any payment made to the other parent is considered a gift and would not be considered if you ever went to court. Even if you write child support on the check. Doesn't matter. They ignored it. Made me pay back support. Any income you get is calculated for child support. If its on the first page of your tax return it will be considered income and counted for child support. So any withdraws or distributions would be considered. But just having the money in an investment account earning interest is not considered income (for my child support).

Message 4 of 8
Regular Contributor

Re: Child support and investment/retirement accounts

For Petes sake. Go to your county court website. If you are in a small county, your state court website. Find the forms for the child support worksheet and follow the instructions on how exactly to fill it out. DO NOT take anything said on this site as gospel. Every single state is different, and in that state, county rules vary. Go see a family law attorney asap, things like this can go sideways quickly. Good luck. I didn't notice how old this was. Geez.

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Message 5 of 8
Established Member

Re: Child support and investment/retirement accounts

That sounds like good advice.  Get an attorney who is well versed in this type of thing.....expensive up front but likely worth it in the long run.


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Message 6 of 8
Established Contributor

Re: Child support and investment/retirement accounts


@Scharnhorst wrote:



I already pay a good amount and have never once missed a payment ( and it is not court ordered yet)


thanks


I commend you for making payments to support your children...  BUT:  Get the advice of an attorney from YOUR state...  Generally anything you pay outside of a court ordered paymemt is not considered child support and could (if the recipient is nasty) cause you problems later.

 

 Knowing people who have gone through it, make sure you set it up to be automatically taken from your paycheck and distributed by the State (if you have a choice in the matter).  That way there is always an electronic record.  Wheras if you write personal checks or give cash, the recipient can claim it was never recieved, and then it becomes a ridiculous legal fiasco involving lawyers and forensic accountants.

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Message 7 of 8
Regular Contributor

Re: Child support and investment/retirement accounts

The best advice I can give you, is to get your child support ordered through the courts. 

Message 8 of 8