No matter what your relationship is like with your ex-wife or ex-husband, it is important that your children are well provided for and that is what child support payments are intended to do. Like any financial responsibility, many parents want to know – how much will my child support payments be? What is the average child support payment in Colorado? VanLandingham Law in Denver can help you navigate the legal process and find the best financial solution for you and your children.
How To Calculate Your Colorado Child Support Payment
The goal of child support payments is to ensure that children receive adequate financial and emotional support no matter what their family situation may be. The goal is for that child or children to keep the same amount of financial support as would be available in a single-family home. Child support payments are intended to cover child care expenses, health insurance, medical expenses, educational expenses and travel expenses. Both parents are responsible for the financial well-being of their children – but child support payments are typically made by the parent that does not have custody.
How much will your child support payment be? Colorado residents responsible for child support payments can expect to pay 20% of the combined gross income of both parents for a single child and an additional 10% for each additional child. The average household income in Colorado per the U.S. Census Bureau is $100,933 – which means an annual child support payment of $20,186 for a single child. This payment will be split between both parents – but may depend on additional factors. Parents can create their own child support agreement, but if it is too far outside the Colorado State guidelines, it may not be approved by the court.
Here is a quick look at factors that will impact the amount of your child support payment in the State of Colorado:
- Financial Resources of the Custodial Parent
- Financial Resources of the Child or Children
- The Standard of Living of the Child Prior to the Divorce
- The Physical and Emotional Status of the Child
- The Educational Needs of the Child
- The Financial Resources of the Noncustodial Parent
How Long Do You Have to Pay Child Support in Colorado?
Parents in the State of Colorado who are financially responsible for child support are subject to payments until the child turns 19 – or 21 if the child remains in high school. Children who cannot support themselves due to a physical or mental disability will receive child support indefinitely.
READ MORE: How To Determine Child Custody in Colorado
Do you have legal questions about child custody or child support payments? VanLandingham Law can help answer many of your legal questions like – what is the average child support payment in Colorado? Contact the VanLandingham Law Team today for more information on child custody, child support and parental guardianship!