Do Monetary Gifts Count as Income When Calculating Child Support?
Determining who pays child support can be a contentious topic between divorcing parents. Usually the non-custodial parent is required to pay to help supplement the monetary needs of their child. The primary basis of calculating child support is income. What a parent makes regulates how much they will be expected to pay.
Colorado considers both parents’ incomes to calculate child support. The courts will examine how much support the custodial parent will need to take care of the child. They also look at how much each parent can afford to pay. However, when it comes to “gross income,” many individuals do not realize that it goes beyond work wages. Parents may wonder if monetary gifts are included in income. The answer is yes.
Colorado Revised Statutes 14.10.115 lists monetary gifts as a factor in a person’s income. Monetary gifts refer to money a person receives with no obligation to pay it back. This affects how much money an individual makes, particularly if they are monthly monetary gifts. Parents may fail to report these gifts as income, thus skewing their child support payments.
If a parent did report monetary gifts as income, but has stopped receiving these payments, they may ask to have their child support modified. An experienced child support attorney can help you with matters of payments.
At The Harris Law Firm, our team of lawyers delivers quality, compassionate legal services. We have years of experience helping divorcing parents protect their children. We can review your case and help you find the best results possible. Child support was established to protect the children. We follow this creed by trying to minimize the issues that arise during the divorce process. If you are ending your marriage and need help with financial matters in supporting your child, contact our Colorado child support lawyers today for a consultation.