Retirement and Child Support Modification

 Posted on May 13,2015 in Divorce

When a couple with a child divorces, a child support agreement is nearly always a part of their divorce settlement. This agreement ensures that all of the child's needs, such as his or her housing, food, clothing, and extracurricular activities, are met until he or she reaches adulthood. Some of this support is directly given to the child and some indirectly covers his or her needs by providing the parent with physical custody with money to pay for rent or a mortgage, utilities, and property taxes if applicable. The Illinois Marriage and Dissolution of Marriage Act addresses child support and the factors the court may consider when developing one for a divorcing couple.

Generally, a child support agreement is created based on each parent's income and other financial obligations. In most cases, a paying parent of a single child will pay about 20 percent of his or her net income in child support, with this percentage becoming greater with each additional child. This amount is meant to cover the child's needs, not to punish the paying parent or create financial hardship for him or her.

When a paying parent's financial situation changes and his or her income is significantly reduced, he or she may want to seek a child support modification. One reason why an individual may seek a modification is retirement.

How to Modify Your Child Support Amount

You must petition to the Illinois Department of Healthcare and Family Services Division of Child Support Services to have your child support obligation amended.

Once your child support agreement has been in place for at least three years, you will be notified by the Division every 36 months of your opportunity to request a review of your agreement. If you take this opportunity, you and your former spouse will both have to submit information about your current incomes to the Division for review. Based on your current incomes, your child's current financial needs, and the circumstances of your retirement, your request for a modification may be approved or rejected.

Generally, parents who are of full retirement age are more likely to have their requests approved than those who choose to retire early. This is because to retire early, most people must be in a financially advantaged position. However, there are other reasons why an individual may choose to retire early, such as an illness or layoff late in his or her career. Talk to your attorney about your reason for retiring and how it may affect your child support obligation. You deserve to enjoy your retirement without significant financial burdens while still providing for your child.

Child Support Attorneys in Kane County

To learn more about how you can modify your child support agreement following your retirement, contact Goostree Law Group for your free legal consultation with one of our experienced Kane County divorce attorneys. We can thoroughly examine your unique situation and advise you toward the most productive solution for you and your child.