Wednesday, April 8, 2015

Why You Should Take Your Child Support Obligation Seriously

One of the most intense arguments co-parents have is over child support and finances.  Typically, this results in one parent taking the other parent to court and having a child support order entered by the court.  In some cases, this amount seems reasonable to both parents.  In other cases, the parent having to pay the child support feels like it is too much and they are unable to pay that amount.  Here's why you should take your child support obligation seriously:

1. It is ongoing and constantly accruing.  Likely, you will be obligated to pay this child support until the child is 18 or graduates from high school.  This means if you ignore this month's payment, next month you owe double.  And if you ignore next month's payment, the following month you will owe triple the amount.  Ignoring the payments only makes it add up to a bigger number.

2.  Child support accrues interest.  When you fail to pay child support, the amount that is owed and not paid (what we call the "arrearage"), accrues interest, typically at a rate of about 6%.  This means, the support you weren't paying that we just talked about above in Number 1, is not only growing as more support accrues, but is growing by 6% every year.

3.  When your child reaches the age of 18 or graduates from high school you still owe the arrearage and interest still accrues.  Your child support obligation will never just disappear; it will constantly grow.  In some cases, the state will even get involved in pursuing you to pay your child support.

4.  You could lose your professional licenses and being held in contempt of court (i.e., jail).  This means if you are a doctor, you could lose your license to practice medicine.  If you are a lawyer, you could lose your license to practice law.

These are just the immediate, direct consequences of failing to pay child support.  Additional consequences could include being denied credit or approval for a home loan due to large amounts of outstanding debt, losing your job, etc.  If you are involved in a child support case and would like an initial consultation on that matter, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.