When parents get divorced in California, child custody and support are often two of the most contentious issues. How much child support gets paid, and which parent gets custody, can be determined by certain financial factors.
The parents’ income
The first financial factor that can impact child custody and support is the parents’ income. Firstly, when determining which parent will get custody, the court may look at which parent makes more money. If one parent makes significantly more money than the other, that parent is more likely to be awarded custody. The reason for this is that the child may have a better standard of living with the higher-earning parent.
In addition, the parent’s income can also impact how much child support gets paid. Generally, the higher-earning parent may get ordered to pay more for child support. This is because the child may still need financial support even if they are living with a wealthier parent.
The parents’ assets
This includes things, like savings, property, and investments. When determining custody, the court may look at which parent has more assets. This is because the child will have a better standard of living if they are living with a parent who has more assets.
The parents’ debts
This is important because the child’s standard of living can get impacted by the amount of debt that the parent has. If one parent has a lot of debt, that parent is less likely to be awarded custody.
In addition, the court may also consider the type of debt that the parent has. For example, if one parent has a lot of credit card debt, that may appear as less serious than if the other parent has a lot of student loan debt.
The bottom line is that financial factors can play a big role in child custody and support decisions. If you are going through a divorce, it is important to be aware of how your finances can impact the outcome.