A Child Support Law Firm Tampa FL Explains Lump Sum Child Support
Faced with the prospect of paying child support for the next however many years, if you have the opportunity to pay it all at once, does the law allow it? Another question you should be asking is if it is a good idea.
These are questions lawyers from The McKinney Law Group hears from time to time. Though you may be eager to put the child support obligation behind you, it may not be to your advantage. Below are some reasons why, but every case is unique because no two child support situations are the same. To protect your best interests, it may be a good idea to check in with our Tampa FL child support law firm. The first consultation is free so give us a call to schedule a brief meeting for an overview of your case.
What Is Lump Sum Child Support?
This is a scenario in which both parents agree to a lump sum payment from one parent to the other for all future child support. Sometimes the payment is in like-kind rather than cash. A common example of this is the parent who has primary custody of the child keeps the couple’s house in exchange for the other parent not having to pay child support. The assets from the house they gain would be in lieu of the other parent paying child support. Very likely, your child support lawyer in Tampa FL will caution you to consider paying child support instead, if you are the noncustodial parent. There are good reasons for this.
The Right of the Child
Child support is intended for the child’s benefit, not the parent’s. The courts are very clear on this. Obtaining more assets via a house or other means is not money in the bank. Money in the bank pays for the child’s clothing, food, and other basic needs. Your lawyer from our child support law firm can review the circumstances and advise you on how likely the court will accept a lump sum for child support, particularly if it’s not in cash.
The Child’s Needs Can Change at Any Time
As already stated, child support is for the benefit of the child. It’s intended to make sure, as much as possible, that their basic needs are met until they reach adulthood. The problem is that life is full of curveballs, and the unexpected happens unexpectedly.
For example, if your child should sustain an injury, then they may require surgery and other treatment not fully covered by insurance. If you had already paid a lump sum with the expectation that you never had to make another payment again, the other parent could petition the court for more support. They simply have to show the court the unexpected expenses and anticipated costs in order to present a strong case. When the court considers that petition, they may also take into account other costs as well, including inflation. You may end up owing much more than the new expenses, and much more than your lump sum payment. In fact, the judge might even disregard the lump sum payment altogether. This is why it’s important to talk to a child support lawyer how a lump sum payment for child support may or may not be a good idea for you.
Call Us at The McKinney Law Group to Learn More
If you have concerns about child support obligations, contact our child support law firm Tampa FL clients recommend to request a free consult with a skilled child support lawyer.