Child Support isnt determined by iether you or your exhusband. It is determined on a STATE SPECIFIC GUIDELINE.
In order to give you better answers I need to know what state you live in. However as it stand I can give you the info which will help you out. But again YOU AND YOUR EX DO NOT GET TO DECIDE ON HOW MUCH CHILD SUPPORT HE WILL PAY or SHOULD PAY.
Heres some other things to consider before you assume you will get custody.
Child Custody Basics
When parents divorce, the divorce decree will specify with whom the divorcing couple's children will live (and circumstances under which the other parent will visit with the children). Often, parents work out these arrangements between themselves, either completely voluntarily or with the assistance of their attorneys or a mediator. When they are unable to reach a decision, however, or when unmarried parents are unable to agree on who will have custody of their child, the court may intervene and make a decision based on the child's best interests.
Physical and Legal Custody
In most situations, physical custody is awarded to one parent with whom the child will live most of the time. Often, however, the custodial parent shares "legal custody" of the child with the non-custodial parent. "Legal custody" includes the right to make decisions about the child's education, religion, health care, and other important concerns.
Joint Custody
Some parents have chosen a joint-custody arrangement in which the child spends an approximately equal amount of time with both parents. Proponents of this arrangement say it lessens the feeling of loss that a child may experience in a divorce. Critics, however, say that it is best for the child to have one home base, with liberal visitation allowed to the "non-custodial" parent. Because joint custody requires a high degree of cooperation between the parents, courts are reluctant to order joint custody unless both parents are in agreement and can demonstrate the ability to make joint decisions and cooperate for the child's sake.
Split Custody
Another option, although much less favored, is split custody, in which one parent has custody of one or more of the parties' children, and the other parent has custody of the other(s). Courts usually prefer not to separate siblings, however, when issuing custody orders.
Unmarried Parents
When the child's parents are unmarried, the statutes of most states require that the mother be awarded sole physical custody unless the father takes action to be awarded custody. An unwed father often cannot win custody over a mother who is a good parent, but he will usually take priority over other relatives, foster parents, or prospective adoptive parents.
Child Custody Basics
Custody Decisions: Factors to Consider
In deciding who will have custody, the courts consider various factors. The overriding consideration is always the child's best interests, although that can be hard to determine. Often, the main factor is which parent has been the child's "primary caretaker" (more on this below). If the children are old enough, the courts will take their preference into account in making a custody decision.
Although the "best interest" standard does vary from state to state, some factors are common in the best interest analysis used by the individual states, including:
Wishes of the child (if old enough to capably express a reasonable preference);
Mental and physical health of the parents;
Religion and/or cultural considerations;
Need for continuation of stable home environment;
Support and opportunity for interaction with members of extended family of either parent;
Interaction and interrelationship with other members of household;
Adjustment to school and community;
Age and sex of child;
Parental use of excessive discipline or emotional abuse; and
Evidence of parental drug, alcohol or sex abuse.
Determining "Primary Caretaker" of the Child
In addition to the above factors, some states' family courts allow a preference for the parent who can demonstrate that he or she was a child's primary caretaker during the course of the marriage. In custody cases, the "primary caretaker" factor became important as psychologists began to stress the importance of the bond between a child and his or her primary caretaker. This emotional bond is said to be important to the child's successful passage through his or her developmental stages, and psychologists strongly encourage the continuation of the "primary caretaker"-child relationship after divorce, as being vital to the child's psychological stability.
When determining which parent has been the primary caretaker, courts focus on direct care-taking responsibilities, such as:
Bathing, grooming, and dressing;
Meal planning and preparation;
Purchasing clothes and laundry responsibilities;
Health care arrangements;
Fostering participation in extracurricular activities; and
Teaching of reading, writing, and math skills.
Depending on the state where the custody determination is being made, other factors may be considered as important when determining primary caretaker status. Even such things as exposure to second-hand smoke and volunteerism in the child's school have been considered in a primary caretaker analysis. While, in the past, the primary caretaker preference seemed just another way to award custody to mothers, as more and more men share parenting responsibilities, this preference does not necessarily favor mothers. When it is apparent that both parents have equally shared parenting responsibilities, courts once again will fall back on the "best interest" standard in determining custody.
How Child Custody Decisions Are Made
In any situation where child custody rights are at issue, a number of key questions are raised. If you are going through a divorce, you will want to know whether your child will live primarily with you, and if not, whether will you will be able to make important decisions as to how your child will be raised. If you are a close relative or family friend of a child who is not your own, you may be wondering if getting custody of that child is even a possibility.
Answers to these questions are at the root of most custody situations, but for parents and others without significant experience with child custody and the legal system, a fundamental concern is: How are custody decisions made? Following is a brief discussion in response to that question.
Divorce and Child Custody Decisions
If you are a parent considering divorce, or if you are already involved in the process, you are probably wondering how child custody and visitation issues are resolved in a divorce. In general, like all aspects of a divorce -- including property division, child support, financial division, and spousal support (alimony) -- child custody and visitation will either be decided by agreement between the divorcing couple (usually with the help of attorneys and mediators) or by the court. More specifically, custody and visitation decisions are typically resolved in one of two main ways in a divorce:
Parents reach an agreement on child custody and visitation, as a result of:
Informal settlement negotiations (usually with the help of attorneys); or
Out-of-court alternative dispute resolution proceedings like mediation or "collaborative law" (usually with the help of attorneys).
Learn more: Reaching a Custody Agreement Out-of-Court
Court makes a decision on child custody and visitation (usually a family court judge). How Child Custody Decisions Are Made
Unmarried Parents and Child Custody Decisions
When a child's parents are unmarried, the statutes of most states require that the mother be awarded sole physical custody unless the father takes action to be awarded custody. An unwed father often cannot win custody over a mother who is a good parent, but he can take steps to secure some form of custody and visitation rights.
For unmarried parents involved in a custody dispute, options for the custody decision are largely the same as those for divorcing couples -- child custody and visitation will be resolved either through agreement between the child's parents, or by a family court judge's decision. But, unlike divorcing couples, unmarried parents will not need to resolve any potentially complicated (and contentious) divorce-related issues such as division of property and payment of spousal support, so the decision-making process is focused almost exclusively on child custody. For this reason, resolution of custody and visitation may be more simplified for unmarried parents.
If unmarried parents do not reach a child custody and visitation agreement out-of-court, the matter will go before a family court judge for resolution.
Especially when making child custody decisions involving unmarried parents, the family court's primary consideration will be to identify the child's "primary caretaker." See Checklist: Who Gets Custody? for a list of factors that a court typically considers in determining "primary caretaker" of a child.
Non-Parental Child Custody Decisions
In some cases, people other than a child's parents may wish to obtain custody -- including relatives like grandparents, aunts, uncles, and close family friends. Some states label such a situation as "non-parental" or "third-party" custody. (Note: Other states refer to the third-party's goal in these situations as obtaining "guardianship" of the child, rather than custody.)
Whatever the label, most states have specific procedures that must be followed by people seeking non-parental custody. The process usually begins when the person seeking custody files a document called a "non-parental custody petition" (or similarly-titled petition) with the court, which sets out the person's relationship to the child, the status of the child's parents (living, dead, whereabouts unknown), and the reasons the person is seeking (and should be granted) custody. Usually, a copy of this petition must also be delivered to the child's parents, if they are living and their whereabouts are known. To see examples of non-parental custody requirements and petitions in two states, click on the links below.
Custody by Non-Parent (Arizona Legislature)
Nonparental Custody of a Child (Washington Courts)
More on Guardianship http://family.findlaw.com/child-custody/custody-overview/custody-decision-process(1).html
What does "reasonable visitation" mean?
When a court determines the visitation rights of a noncustodial parent, it usually orders "reasonable" visitation, leaving it to the parents to work out a precise schedule of time and place. This allows the parents to exercise flexibility by taking into consideration both the parents' and the children's schedules. Practically speaking, however, the parent with physical custody has more control over the dates, times, and duration of visits. He or she isn't legally obligated to agree to any particular schedule, but judges do take note of who is and who is not flexible. If you are uncooperative merely to vex your ex, it can backfire when you need to ask the court for something in the future.
Parents have to cooperate and communicate frequently, for the reasonable visitation approach to succeed. If you suspect right off the bat that reasonable visitation won't work, insist on a fixed schedule and save yourself time, angst, and possibly money. If you've already agreed to reasonable visitation and it isn't working out -- for example, one parent is consistently late, skips scheduled visits, or doesn't inform the other parent where he or she is planning on taking the children -- you can go back to court and ask that the arrangement be changed.
What is a fixed visitation schedule?
Sometimes courts will set up a detailed visitation schedule, including the times and places for visitation with the noncustodial parent -- for example, every other weekend or every Tuesday and Thursday evening. A court will be inclined to order a fixed schedule if the hostility between the parents is so severe that the need for regular contact between them may be detrimental to the child. A fixed visitation schedule can still be generous, but it removes opportunities for one party to control the other's time and allows the children to experience predictability in an often unsettling period.
Child Visitation FAQ
My ex-spouse was physically abusive to me and the children. How can abuse be prevented during visits with the children?
When a noncustodial parent has a history of violent or destructive behavior, especially toward the child, the court often requires that visitation between that parent and the child be supervised. This means that an adult (other than the custodial parent) must be present at all times during the visit. The adult may be known or unknown to the child, and may be someone agreed on by the parents or appointed by the court. No matter how the adult is chosen, he or she must be approved by the court that ordered the supervised visitation.
Are grandparents entitled to visitation?
All 50 states currently have some type of "grandparent visitation" statute, through which grandparents and sometimes others (foster parents and stepparents, for example) can ask a court to grant them the legal right to maintain their relationships with their grandchildren. But state laws vary greatly when it comes to the crucial details, such as who can visit and under what circumstances. And the courts give great deference to a parent's decision to limit grandparent visitation.
Approximately twenty states have "restrictive" visitation statutes, meaning that generally only grandparents can get a court order for visitation -- and only if the child's parents are divorcing or if one or both parents have died. States with more permissive visitation laws allow courts to consider a visitation request even without the death of a parent or the dissolution of the family, so long as visitation would serve the best interests of the child.
What should I do if I want to limit my child's visitation with grandparents?
Your child's grandparents may take you to court to try to force visitation. If there is a reason why your child should not visit with a grandparent, by all means raise the issue in court. But make sure the reason is one affecting your child's life and not your own needs, pride, or anger.
If there's no valid reason a court would protect the children from the grandparents, it's likely that the grandparents will receive some form of visitation, especially if a prior healthy relationship existed between the grandparents and your children. So if you have to appear in court, it's best to arrive with a proposed visitation schedule in hand. It's better to have your own wishes enforced than to have a judge set the schedule.
It's reasonable to offer between one and three afternoons a month, for a few hours at a time. This could be for lunch and a movie or a play session at the local park. If you and your child don't know the grandparents very well, you can ask the court to allow visitation to occur in your presence. If the grandparents live in another state, visitation over an entire weekend may be considered.
But before you end up in court, try to reach a solution that works for all of you. You may find that a few hundred dollars spent to hire a mediator (neutral third party) to help you reach a visitation agreement is money well spent.
Child Visitation FAQ
What should I do if my grandchild's parent wants to limit my visitation?
Grandparents who face parental resistance to their contact with grandchildren might consider requesting a mediation session with the children's parents. (In fact, some state courts won't consider your petition for visitation until the parties have attended mediation together.) Mediation means that you hire a neutral third party to help all of you create a legally binding agreement that everyone can respect and live with.
If mediation doesn't work and you end up in court petitioning for visitation rights, be prepared to testify about your relationship with your grandchildren, your relationship with the parents, any custody or visitation arrangements you had before the court action, and the last time you saw your grandchildren. Also, be prepared to discuss your personal history, including any medical troubles or problems with the law.
Remember that the court is scrutinizing you to decide whether you should spend time with a child -- and the judge won't hesitate to pry into personal matters. For example, if you're a chain smoker, you may be asked to refrain from smoking in the child's presence. If you don't, the parent may ask the court to discontinue your visitation. If you cannot, for health reasons, perform some tasks independently or correctly, your visitation may be supervised. This doesn't mean the court is prejudiced against you. You face standards similar to those faced by a noncustodial parent seeking visitation: The children's welfare is always given the highest priority, although the courts also give great deference to a parent's decision to limit visitation.
http://family.findlaw.com/child-custody/custody-overview/visitation-basics-faq(2).html
There is more to divorce than just trying to figure out how much your ex is gonna pay you for child support.
For the record.. Your Ex doesnt PAY YOU, the money is for the child. Having said that, just because a child wants a truckload of new toys when what he or she really needs is to visit a doc, have new clothes, or what not, doesnt mean you have to use the child support to see to his or her every whim.
Preferences for Mothers or Fathers
Under the current law of almost all states, mothers and fathers have an equal right to custody. Courts are not supposed to assume that a child is automatically better off with the mother or the father. In a contested custody case, both the father and mother have an equal burden of proving to the court that it is in the best interest of the child that the child be in his or her custody.
There are a few states (mostly in the South) that have laws providing that if everything else is equal, the mother may be preferred; but in those states, many fathers have been successful in obtaining custody, even if the mother is a fit parent.
In some states, courts say that mothers and fathers are to be considered equally, but the courts then go on to hold that it is permissible to consider the age or sex of the child when deciding custody. That usually translates to a preference for mothers if the child is young or female. But, again, it is possible for fathers in those states to gain custody, even when the mother it fit.
Although judges are supposed to be neutral in custody disputes between mothers and fathers, some judges appear to be biased. An advantage of having an attorney experienced in family law cases is that the attorney may know which judges may be biased and which are not. The attorney may know what types of evidence will appeal to the judge and which types will not.
In many jurisdictions, it is possible to obtain a change of judge by asking for it. Such a change often is called a change of venue. Generally, a litigant is entitled to one change of venue without having to present a reason. The request, however, must be made before the judge has ruled on substantive issues in the case. If one is faced with a judge one suspects of bias, a change of venue can be useful (although a litigant would want to consider the other judges to whom the case might be transferred and be reasonably sure than the change will not make the situation worse).
If a case is transferred to a judge who the litigant or the attorney does not like, it will be difficult to obtain a second change of venue. Courts to not wish to allow parties to keep bouncing cases between judges. Courts usually are unwilling to order a second change of venue unless there is a clear, specific showing of prejudice by the judge to whom the case has been transferred. If a parent is before a judge who is believed to be biased (and a change of venue cannot be obtained), the parent just puts on the strongest case possible and hopes for the best.
Preferences for Mothers or Fathers
As a group, judges are less biased in deciding custody cases today than in times past, although many observers believe bias still exists.
Possible prejudice in favor of mothers. Judges, based on their background or personal experience, may have a deep-seated belief that mothers can take care of children better than fathers and that fathers have little experience in parenting. Such judges may carry those views on to the bench, in which case a father may have a very difficult time gaining custody.
A Louisiana case illustrates the point. The trial judge gave custody to the mother saying, "It is just a physiological fact that girl children should be with their mother if there are no serious differences." Since the trial judge's bias was clear on the record, the appellate court reversed the decision and ordered that there be further proceedings--without applying improper presumptions based on sex of the parents.
In cases in which the trial judge is less explicit about his or her prejudice, it may be more difficult to obtain a reversal if the trial judge was prejudiced.
Possible prejudice in favor of fathers. As noted in the section on evolution of custody standards, prejudice based on sex of the parent is not a one-way street. Sometimes prejudice runs in favor of fathers.
Some judges tend to automatically favor fathers, particularly if the children are boys. In an Iowa case, for example, a trial judge gave custody of two boys, ages nine and eleven, to the father, saying that the father "will be able to engage in various activities with boys, such as athletic events, fishing, hunting, mechanical training and other activities boys are interested in."
The trouble was that the testimony before the before court did not support the judge's presumption. The record in the case did not show that the boys were interested in hunting or mechanical training or that the father's skills in those areas were superior to the mother's. In fact, the mother went fishing with the boys more often than the father.
Preferences for Mothers or Fathers
The Iowa Supreme Court reversed and gave custody to the mother who had been primarily responsible for raising the children. The court said, "The real issue is not the sex of the parent but which parent will do better in raising the children. It logically follows that neither parent has an edge based on the sex of the children either."
Another possible prejudice in favor of fathers may be regarded as a prejudice against working mothers. In some cases, it appears that judges have looked askance at working mothers, perhaps holding mothers to a higher standard than fathers and viewing a working mother as not serving the best interest of her child. Such judges also may view a father who shows slightly-above-average involvement in parenting as "exceptional" and reward him with custody.
It is difficult to assess how widespread this view may be among judges. Some commentators assert that bias against working mothers, especially professional women, may be a significant factor. Others suggest that a review of appellate court cases does not disclose widespread prejudice against working mothers, although it exists to some degree. If anything, most judges seem to admire a mother (or father) who can simultaneously manage work and raising children.
A parent's work schedule normally is not a decisive factor in custody, unless there is a major difference in the amount of time each parent can spend with the child. If after a divorce, one parent will be able to spend much more time with the child than the other parent, that is a factor in favor of the parent with the more flexible schedule.
Custody Considerations: Step-By-Step
Consideration #1: Type of Custody Arrangement
One of the first steps in determining who will get custody of a child is to understand your options regarding different types of potential custody arrangements. For example, you and the child's other parent may wish to work out an arrangement under which you both make decisions on the child's upbringing and welfare. This is called "joint legal custody" in most states. Or, you may feel that your child's other parent is currently unfit or incapable of any parental responsibility, in which case you may wish to pursue "sole custody" of your child.
Learn more: Types of Custody
Consideration #2: The Decision-Maker (Parents or the Court)
Often the answer to the question "who will get custody?" will be determined in large part by the process that is followed by the parties involved in the child custody situation.
The Parents as Decision-Maker. In most situations where parents reach an out-of-court agreement on child custody and visitation, the question of "who will get custody" is mostly up to the parents themselves, usually with input from attorneys, counselors, or mediators. An out-of-court custody and visitation agreement can come as a result of informal settlement negotiations, or after the parents participate in out-of-court alternative dispute resolution proceedings like mediation or collaborative law. In some states, divorcing parents are required to attempt resolution of custody disputes through mediation.
If divorcing parents can come to an agreement outside of court on custody of their children, and they are able to arrange a suitable living and visitation schedule, then there is no set answer as to who will get custody. The parents may agree to a true joint custody arrangement in which their children split time living with each parent, and agree to work together on major decisions related to the children's upbringing and welfare. Or, the parents may agree that the children will live primarily with one parent, but there will be a generous visitation schedule for the other parent.
Learn more: Reaching a Custody Agreement Out-of-Court
The Court as Decision-Maker. If parents in a child custody dispute do not negotiate some form of agreement before going to court, then the custody decision will be made in court, usually by a family court judge. An answer to the question of "who will get custody" is not easily predicted, but in making child custody decisions most courts follow a certain procedure, adhere to a number of common principles, and look to a standard set of considerations.
Custody Considerations: Step-By-Step
Consideration #3: Factors and Preferences in the Custody Decision
Regardless of whether the custody decision is made by the parents' agreement or through a court decision, there are a number of factors that typically weigh on the decision-making process.
In almost all family court cases where child custody is at issue, considerations such as "Who is the child's primary caretaker?" and "What is in the child's best interests?" are of chief concern to the judge making the custody decision. The judge will also usually take a number of other factors into account, including the child's preferences in some cases. Even if the parents attempt to resolve a child custody and visitation through negotiation and settlement outside of court, it will help to have these same considerations and factors in mind in trying to come to an acceptable agreement, if for no other reason than to keep the negotiations focused on reaching outcomes that are in their children's best interest. Learn more:
Considering the Child's "Best Interests"
Who Is the Child's "Primary Caretaker"?
Child's Preferences
Child Custody and Religion
Impact of Homosexual Relationships
Impact of Non-Marital Sexual Relationships
Considerations in Non-Divorce Cases
While child custody and visitation issues arise most often as part of a divorce, parents going through a divorce are not the only people who might be involved in a child custody situation. Custody disputes can arise between unmarried parents; grandparents can seek to enforce their rights to visitation with their grandchildren; and in rare cases relatives or others having a close relationship with a child may seek to be awarded custody.
Learn more: Child Custody and Visitation in Non-Divorce Cases
Custody Considerations: Step-By-Step
Consideration #3: Factors and Preferences in the Custody Decision
Regardless of whether the custody decision is made by the parents' agreement or through a court decision, there are a number of factors that typically weigh on the decision-making process.
In almost all family court cases where child custody is at issue, considerations such as "Who is the child's primary caretaker?" and "What is in the child's best interests?" are of chief concern to the judge making the custody decision. The judge will also usually take a number of other factors into account, including the child's preferences in some cases. Even if the parents attempt to resolve a child custody and visitation through negotiation and settlement outside of court, it will help to have these same considerations and factors in mind in trying to come to an acceptable agreement, if for no other reason than to keep the negotiations focused on reaching outcomes that are in their children's best interest. Learn more:
Considering the Child's "Best Interests"
Who Is the Child's "Primary Caretaker"?
Child's Preferences
Child Custody and Religion
Impact of Homosexual Relationships
Impact of Non-Marital Sexual Relationships
Considerations in Non-Divorce Cases
While child custody and visitation issues arise most often as part of a divorce, parents going through a divorce are not the only people who might be involved in a child custody situation. Custody disputes can arise between unmarried parents; grandparents can seek to enforce their rights to visitation with their grandchildren; and in rare cases relatives or others having a close relationship with a child may seek to be awarded custody.
Learn more: Child Custody and Visitation in Non-Divorce Cases
http://family.findlaw.com/child-custody/custody-who/custody-consideration-top.html
Hope this helps.
SupportGuidelines.com is the comprehensive resource for the interpretation and application of child support guidelines in the United States. It is designed to be an aid primarily for attorneys who wish to research the law of child support in general and child support guidelines in particular. Updates and changes will be noted here, so bookmark this page.
Because the law of child support depends heavily on the construction of child support guidelines, this site provides access to the actual text of the child support guidelines for all fifty states and the District of Columbia. This is the only site that provides access to all on-line child support guidelines. Links to other legal research resources are also provided. In addition, available on-line child support calculators are linked, as well as resources for laypersons.
This site also contains Chapter 1 of the treatise Child Support Guidelines: Interpretation and Application (Aspen Law & Business, 1996 and Supps.), which gives an extensive overview of the history of child support guidelines, the model of and method of implementation of each jurisdiction’s guidelines, and an overview of the various challenges to the guidelines. The complete table of contents for the treatise is also provided, which in and of itself can be an aid to spotting issues in child support cases. Of course, it is hoped that attorneys who use this site will wish to purchase the book.
New cases and news concerning child support and family law will be posted on the first and fifteenth of every month, and each month a longer article on current legal issues concerning child support will be posted. This month’s article is UIFSA’s “Spring Back” Provisions of Continuing, Exclusive Jurisdiction.
For information on the Standardized Income Withholding Form, from the American Payroll Association, the American Bar Association, and the Office of Child Support Enforcement, click here.
This site is intended as a research aid for attorneys, although nonattorneys may use the information posted. The author will therefore be happy to answer questions to her by attorneys only. She cannot and will not, however, answer questions from or give legal advice to anyone who is not an attorney.
Disclaimer: The information contained in these pages is not to be construed as legal advice. The law varies from jurisdiction to jurisdiction, and the author is not licensed in all jurisdictions. Rendering legal advice to laypersons would subject the author to the charge of the unauthorized practice of law in those jurisdictions in which she is not licensed. Laura Wish Morgan will not and does not have any duty of any kind to a person who utilizes this web site, in the absence of an agreement with a licensed practicing attorney.http://www.supportguidelines.com/main.html
Child Support by State
Calculators, Legislation, Agencies, Analysis
In 1988, federal law required each state to, within less than a year, implement a single, state-wide formula for presumptive child support awards. In the rush, a number of factors were overlooked that will take years to correct.
But "presumptive" means only that: it is the default child support award if that amount is uncontested. For ideas on how to either raise or, more commonly, lower your award, see "Presenting Your Case."
You will find your state below, be able to calculate the presumptive amount for your case, and find a rich set of resources specific to your state. http://guidelineeconomics.com/states/all_states.html
http://www.state.sc.us/dss/csed/calculator.htm
Use the above link to go to a South Carolina page that will help you figure out what will be the LEGAL MONETARY OBLIGATION TO BE PAID aka CHILD SUPPORT.
Mention alimony and most men and women sigh and roll their eyes. Men feel exploited. Women feel ambivalent. On the one hand women want their fair share of family resources, and on the other they want to cut ties to their former spouses. Interestingly, most women never receive any alimony.
Typically alimony is paid in periodic installments (weekly or monthly, for example) for a certain length of time or until the death of one of the spouses or the remarriage of the recipient. Unlike child support, alimony is taxable to the recipient and deductible by the paying spouse under the rules of the Internal Revenue Service. As a result, many high earning spouses are better off paying family support in the form of alimony instead of child support because alimony is paid in pre-tax dollars and child support is paid in after-tax dollars. That means a dollar of alimony may cost the paying spouse 60 cents whereas a dollar of child support costs $1.40, assuming the paying spouse pays 40 percent of income in taxes.
Child support ends on the emancipation of a child. Emancipation, meaning the child coming of age and capable of self-support, is determined under state law. In Massachusetts and Hawaii, for example, that may occur as late as the age of 23, unless a child is incapacitated. Georgia and many of its sister states set the age at 18. Furthermore, each of the 50 states has its own version of the Child Support Guidelines to help calculate an appropriate amount of support in a case.
Alimony might continue beyond the emancipation of the last child, and unlike child support, it is not determined by a set of published Guidelines. Judges have enormous discretion when awarding alimony. That creates uncertainty, and often makes litigants settle cases instead of taking their chances with a judge.
http://www.divorcenet.com/child_support_alimony
http://www.divorcenet.com/child_support_alimony/states
http://www.acf.dhhs.gov/programs/cse
http://www.nvo.com/beaulier/deadbeatparentspunishmentact/
The Law
Although child support enforcement is primarily left up to state enforcement, a non-payment of child support may also become a federal criminal offense under certain conditions. Using the commerce clause as its base of authority, Congress enacted the Child Support Recovery Act of 1992 (CSRA), Pub. L. No. 102-521, making a willful failure to pay a past due support obligation, with respect to a child residing in another state, a federal offense. 18 U.S.C. § 228 The intent of the statute was to prevent non-custodial parents from fleeing across state lines to avoid paying their child support obligations and to facilitate recovery of unpaid child support.
The Penalties
A person convicted of a first violation of the CSRA may be punished by up to s ix months in a federal prison and a fine. It is important to note that federal Sentencing Guidelines do not apply to a first violation of the CSRA because it is considered a Class "B" misdemeanor. As a Class B misdemeanor, which is a petty offense, there is no right to a jury trial. For any subsequent violation of the CSRA, federal Sentencing Guidelines are applicable which effectively increase the presumptive sentence for any subsequent offense to two years imprisonment and/or a fine. A second or subsequent violation is a Class "E" felony which carries with it a maximum sentence of 2 years incarceration. In such a case, there is a right to a jury trial. The Deadbeat Parents Punishment Act (DDPA) of 1998, amended the CSRA of 1992 and established felony violations for traveling in interstate or foreign commerce to evade a child support obligation or for failing to pay a child support obligation which is greater than $10,000 or has remained unpaid for a period longer than two years. The balance of the CSRA and its enforcement remains intact
The 1998 amendments to 18 U.S.C. § 228 rewrote the statute to provide, in relevant part:
(a) Offense.--Any person who-
(1) willfully fails to pay a support obligation with respect to a child who resides in another State, if such obligation has remained unpaid for a period longer than 1 year, or is greater than $5,000;
(2) travels in interstate or foreign commerce with the intent to evade a support obligation, if such obligation has remained unpaid for a period longer than 1 year, or is greater than $5,000; or
(3) willfully fails to pay a support obligation with respect to a child who resides in another State, if such obligation has remained unpaid for a period longer than 2 years, or is greater than $10,000; shall be punished as provided in subsection (c).
(b) Presumption.--The existence of a support obligation that was in effect for the time period charged in the indictment or information creates a rebuttable presumption that the obligor has the ability to pay the support obligation for that time period.
Fines and jail sentences are not the only consequence of a federal conviction for non-payment of child support. A court may also order a defendant to pay restitution to the custodial parent in an amount equal to the child support arrearage existing at the time that the defendant is sentenced. 18 U.S.C. § 228(c).
In most cases, the prosecutor will not offer pre-trial diversion, which generally means staying the jail sentence in order to allow the defendant to comply over a probationary period of time. This is not offered to underscore the seriousness of the offense and prevent second and subsequent.
Upon a conviction, the defendant will also be placed on probation for a period of years. During that probationary periods certain conditions will apply. If any condition is violated, it may result in the defendant serving additional jail time. Common conditions of probation that are imposed for a violation of the DPPA include the following:
1. That the defendant support his dependents and meet other family responsibilities, and comply with the terms of any court order or order of an administrative process pursuant to the law of a State, the District of Columbia, or an other possession or territory of the United States requiring payments by the defendant for the support and maintenance of a child or of a child and the parent with whom the child is living.
2. That the defendant work conscientiously at suitable employment or pursue conscientiously a course of study or vocational training that will equip him for suitable employment.
3. That the if the defendant is unemployed he/she work in community service as directed by the court."
4. That the defendant appear at all scheduled state/local court child support hearings.
Elements of the Offense
In order to convict a defendant accused of violation the Dead Beat Parents Punishment Act, the United States must prove that the defendant:
1. Had the ability to pay,
2. Willfully failed to pay,
3. A known and past due child support obligation,
4. Which has remained unpaid for longer than one year
OR is an amount greater than $5,000,
5. For a child who resides in a different state than the defendant.
Clarifications of the Law
Federal statutes and subsequent case law have helped to define some of the key terms of the statute.
What is Past Due Child Support?
The CSRA federal statute specifically defines a "past due support obligation" as any amount determined by a court order or an order under an established administrative procedure of any state which finds child support due from a person to a child or a person with whom a child is living; and the obligation has remained unpaid for a period longer than one year, or is greater than $5,000. 18 U.S.C. § 228(d)(1).
What does it mean to be Willful?
There is no clear definition of "willful" under the DPPA. However, a good barometer of willfulness may be found under federal criminal tax law. For criminal tax cases, willfulness is a " knowing and intentional violation of a known legal duty." Cheek v. United States, 111 S.Ct. 604, 610 (1991).
It is important to recognize that willfulness cannot be presumed from non-payment by the defendant alone. The prosecution has burden to prove beyond a reasonable doubt that any failure to pay child support is willful at the time the child support was due to the custodial parent AND the defendant had sufficient money to pay the child support obligation or that any lack of funds was caused by a voluntary and intentional act of the defendant without justification in view of all the financial circumstances of the case. H.Rep. No. 102-771, 102nd Cong., 2d Sess., at 6.
What if partial payments have been made?
Even if partial payments have been made by a defendant, he/she may still be convicted under the DPPA since that statute defines a " past due support obligation" as "any amount" that is due and owing. A partial payment, however, may be relevant to a defendant's ability or inability to pay support. In fact, if full payment is made before the prosecution concludes, it does not obviate the offense since the willful intent not to pay support and the act of not paying when due has already occurred.
Where is the Case Heard?
The location where the case is heard is called the "venue." The venue for a prosecution under the DPPA may occur in one of two federal court districts:
1. The District where the Child Resides; or
2. The District where the defendant resides.
To date Department of Justice has filed most cases in the district where the child resides.
When is the DPPA Usually Applied?
General guidelines have been set out for U.S. attorneys regarding when to prosecute a defendant for a non-payment of child support. Although these guidelines will not invalidate a qualifying prosecution under the statute that does not comply with the guidelines, it provides a barometer of when to expect a prosecution to occur.
First, U.S. attorneys are recommended to accept only cases where all reasonable available remedies have been exhausted. That does not mean that a state prosecution must occur first. It simply means that the U.S. attorney must come to a subjective conclusion based on past history of the case and past conduct of the defendant that other efforts would most likely prove futile.
Cases that are ranked as priorities may include:
a pattern of flight from state to state to avoid payment or flight after service of process for contempt or contempt hearings; or
a pattern of deception to avoid payment, such as changing employment, concealing assets or location, or using false names and/or social security numbers; or
failure to make support payments after being held in contempt; or
there exist particular circumstances which dictate the need for immediate federal intervention, such as where the custodial parent and/or child have special medical needs which are going unmet, where the custodial parent and/or child is handicapped, or where the custodial family is in danger of eviction and homelessness; or
when the failure to make child support payments has a nexus to other potential federal charges, such as bankruptcy fraud, bank fraud, federal income tax charges or other related criminal conduct.
Priority should also be given to those cases where the children of the non-paying parent are still minors. While there is no policy prohibiting the filing of charges in "arrears only" cases where there is a chargeable period of non-payment post-enactment of the DPPA, the policy of identifying cases which are the most egregious encompasses the notion that the need to support minor children, while they are minors, is of greater importance.
Possible Defenses
In screening cases, some of the possible defenses which should be considered are:
1. Payment-in-kind - Often, a "non-paying" parent will provide other assistance to his or her children, such as food, clothing, tuition or other direct financial assistance not recorded or known to the child support agency monitoring the case. Such "payments" may bear upon the issue of willfulness.
3. Amount Accrued. A defendant may assert that the arrearage amount of $5,000 accrued prior to the enactment of the statute.
2. Constitutional Challenges. Challenges to the constitutionality of the statute may be made. In part, it may be argued that statute is overbroad and unsupported under the Interstate Commerce Clause or the 10th Amendment.
The United States Court of Appeals for the 1st, 2nd, 3rd, 4th, 5th, 7th, 8th, 9th and 10th circuits have all affirmed the validity of the Act, despite claims that it interferes with interstate commerce and is an infringement upon state sovereignty because it encroaches on the field of family law. However, the United States District Court for the Western District of Michigan (Sixth Circuit) held that the Child Support Recovery Act (CSRA) - the precursor to the DPPA - is not a proper exercise of Congress’ power to regulate interstate commerce. The Court stated that the CSRA criminalized conduct that was not criminal in Michigan (the father’s failure to comply with a Michigan child support order). The Court also stated that by criminalizing the failure to pay based solely on the parent’s residence in a different state than the child, regardless of how that diversity in residence resulted, the CSRA went beyond Congress’ stated intent in passing the law preventing parents’ interstate flight to avoid child support payments.
For additional information, please contact us at 952.746.2153.
Any information contained on this site is general in nature. You should not rely on any articles, postings or other information on these pages as legal advice or to create an attorney-client relationship. If you are in need of legal advice concerning a particular matter, you are encouraged to contact an attorney in your state. Copyright Articles 1996 - 2006 - All Rights Reserved
There are ways to help out single parents. Here's some links to websites for you to check out. You may not like to ask for help.. but its beats wondering how you are gonna get the bills paid.
Being a Successful Single Mom is not rocket science. You just need a few tools to get the job done. One of those tools is “The Safety Net.” The following list of five items is vital to having a stable life.
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INCOME:
To determine how much income you need, add up your expenses and divide the total by 160 to equal your hourly wage per month. Another way is to use the housing industry’s 33-35% of your income for housing measurement. If your housing costs exceed that percentage, you need more income.
HEALTHCARE:
If you need healthcare and don’t have it through your job, visit your local Health department to learn about subsidies for healthcare.
CHILDCARE:
Low-income families can receive subsidies to help pay for childcare. Contact your state employment office for more information.
HOUSING:
Most counties and cities have Housing Authority organizations that can provide a housing subsidy. Find them in the Blue pages of the phone book
TRANSPORTATION:
Use public transportation, if you can. If not, pull your safety net tight by locating your job, housing, doctors, daycare, and schools as close to one another as possible. Don’t spend your valuable resources running all over town for these services.
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I know you probably don’t want to use state or local subsidies but remember it is only a temporary situation.
As your earning power increases, you’ll become more self-reliant. You are a good investment.
As you become more self-reliant, you’ll help other single moms on their journey to self-reliance.
Did learning about the Safety Net give you hope?
Do you want to learn more about having a good life for your children rather than just surviving from day to day?
http://www.upfromtheashes.com/
http://www.singlemom.com/HOUSING/Housing.HTM
http://www.singlemom.com/FINANCE/Finance.htm
http://www.singlemom.com/DAYTODAY/DAYTODAY.HTM
http://www.singlemom.com/CAREER/working_moms.HTM
http://www.bankrate.com/brm/news/cheap/20020503a.asp
Working moms. Aren't all moms workers?
Moms must keep up with growing bodies and minds, juggle the family budget which includes such incidentals as lunch money, picture money, field-trip fees and schooling costs, plus keep the home humming along -- every day.
"Stretched for time" takes on a new meaning when a mom also works outside the home. With such a busy schedule, it's tough finding the time to balance the checkbook, let alone come up with ways to stretch the family budget. In honor of all you moms who pull double-duty by working outside the home as well as inside, we consulted some experts to offer tips to help you spend less and play more.
Where the money goes
Before you can budget, you need to know where the money is going.
"The top five expenses for working families are housing, child care, health insurance, food and clothing," says Linda Smith, executive director of the National Association of Child Care Resource & Referral Agencies (NACCRRA), in Washington, D.C.
Child care, ranked the second-highest cost, consumes an average 9 percent of America's working families' monthly income, according to a 2003 study released by the Urban Institute.
The harsh reality is that the cost of child care is directly related to its quality.
"Parents have less money when their children are young, and that's when the costs for care are so high," says Smith. "Even so, this is not the place to cut corners. Our children are an important investment. We know that 90 percent of the brain's development takes place before age 5."
What's a mom to do?
Examine carefully all your options. Weigh safety, kindness and professional attitudes of caregivers, ratio of children to teachers and the happiness factor when making your decision. Visit several centers before placing your child. Do your research and be flexible to maximize savings.
Talk to local experts
Find and talk to your local child-care specialists. ChildCareAware is a nonprofit initiative that helps parents find quality care in their communities. This organization will help you sort out your options, from the cost to the quality. Plus, they'll help determine whether you qualify for government subsidies or other financial grants if your income is borderline.
Talk to your employer
Many companies offer a flexible spending account for dependent care. Flexible spending accounts allow you to deduct up to $5,000 in pretax dollars annually from your paychecks. You can withdraw this money to pay for licensed child-care expenses.
Your employer may have a partnership with a day-care facility that provides discounted rates to its employees. Again, quality before cost savings! Make sure you're comfortable with your child's care.
More employers are offering flexible scheduling. Ask about flexible hours, job-sharing or telecommuting. Arrange your work schedule to alternate with your spouse's or relative's to reduce the amount of time your child will have to spend in daycare.
Do you know a co-worker with similar backgrounds and parenting styles? Perhaps you can split the cost of home child care.
Take the pre-K initiative
If your public school district offers a half-day pre-K program for 4-year-olds, enroll your child. It's free and reduces child-care costs to half-day rates.
Another pre-K initiative, Head Start, offers early learning child-care for 100-percent poverty level and special-needs children. They often have a working collaboration with child-care facilities for additional hours.
And, now for Mom
Working moms need to shed the aprons and casual wear when heading off to the office. Here are a few tricks for economizing without losing style.
Go pro, not trendy
Stretch your clothing budget by concentrating on a professional style, not trendy, recommends Joi Gordon, chief executive director of Dress for Success, a nonprofit organization based in New York that helps women move into the work force.
Simple is best. Concentrate on basic colors, such as blue, black and gray, she says. Basic colors go a long way and can be easily interchanged with different blouses to create diverse outfits. Stay away from the extremely fashionable styles that limit how many times and how many ways you can wear them.
Don't over accessorize, Gordon says. It's a waste of money trying to match accessories to all your outfits.
Put on the spritz, not the ritz
Dry cleaning costs add up quickly. So put the silks in the back of the closet, and move your wash-and-wears upfront.
When your clothes are wrinkled, hang them on a shower rod, spritz them with a fine mist of hot water and they'll be wrinkle-free in the morning.
Got a spot? Remove it yourself. North Carolina State University's Web site offers general hints for removing spots and stains, and recommends products that work.
Shop with a mission
Make a grocery list and an errand list before heading out to shop. The trick is to do both grocery shopping and errands on the same day. That way you don't have the time to browse, salivating over all the cool stuff you really don't need.
Keep track of every dollar you spend. If you want to cut costs, first you need to know exactly what you are spending. Then, identify the "wants" and the "needs." Limit your wants and take care of the family's needs.
Start holiday shopping early and spread it out over a few months instead of a few days. If your state offers "tax-free" shopping days during the summer -- get a jump on birthday and holiday purchases then.
Always send in for the rebate on a purchase whether it's $2 or $50. It all adds up.
Maximize your benefits
If you and your husband are offered medical benefits through your employers, evaluate the coverage and the costs offered to see where you can cut expenses by putting the whole family on one of the plans. You'll want to consider cost, plan design and the doctors in the plan before making your decision.
Employers save money when you choose to refuse a health benefit. See if they will give you cash back if you show that you're covered under your spouse's plan.
Fuel economy
Most moms race around town running the family carpool. Gas prices are climbing, so any way to cut back on fuel means money back in your pocket.
Keep your engine well maintained and your tires at the proper pressure to save on fuel costs. Combine errands into a single trip and use the family's most fuel-efficient car when doing extensive driving. Compare prices at different gas stations; pump the gas yourself; and use the lowest octane possible for your car. Try Bankrate's gas-saver calculator to see if you can save by driving to a cheaper gas station.
Don't stop talking
Cancel your long-distance phone service. Instead, use a prepaid phone card, readily available at most any major retail establishment. For example, Sam's Club offers prepaid cards for as low as 3.47 cents per minute. Or, if chatting on the phone with family and friends far away is important to you, switch your long-distance service to a cell phone with real nationwide minutes. Just remember to track the minutes used, as the over-the -limit costs are very expensive.
Frequent libraries instead of bookstores
Everyone needs to kick back and delve into a good book, but you don't have to spend a bundle. If books are your bag, a fancy bookstore is a dangerous place to be. They're expensive and encourage impulse spending. Instead read the unread books spilling off your bookshelves, search used bookstores or garage sales and visit your public library.
Form book clubs with friends, co-workers and relatives to recycle your books.
Playtime for mom
Go to the matinees of first-run movies. You'll still get the big-screen experience but at a significant savings.
Try out a dollar theater, a local film festival or even a drive-in. To really save, rent movies. Better yet, check out your local public library for free movies to borrow or work as a volunteer at a local fair or festival -- you'll get in free.
Do lunch. Go to the lovely French bistro or seafood café that you've been longing to check out. Lunch menus usually offer the same entrees as dinner, just smaller portions and a smaller check.
Another cost-cutting palate pleaser: Dine out during the week, rather than the weekends. It's usually cheaper.
http://www.bankrate.com/brm/news/cheap/20020503a.asp
The Dollar Diva's 10 timeless tips for women
By Dorothy Rosen • Bankrate.com
Here are the top 10 things every woman should know about money: 1. Setting financial goals is the key to financial success.
Write your goals down on paper. State the goal, when you want to get there and what you've got to do to make it happen. If you've always had trouble staying on a budget, try developing a spending plan.
2. Spending less than you earn is the secret to accumulating wealth. You can't have it all: choose a fancy lifestyle, and you choose paltry savings by default. If you'd like to become the millionaire next door live well below your means, and invest what's left over.
3.If you don't allocate time for managing your money, you won't have any money to manage. Money gets frittered away when it's not managed; take the time to track your cash. You can do it with a pencil and notebook, but it's a lot faster to do it with a software program such as Microsoft's Money or Intuit's Quicken. Many banks and credit card companies let you download transactions from their Web sites to your software program, making data entry a breeze. The four gauges you need to review each month are (1) what came in, (2) what went out, (3) what you own and (4) what you owe.
4. Education expands your mind and your earning potential. As a rule, education means a more interesting life and more money. Save some of that money, and you can buy yourself financial freedom. Education is your ticket to somewhere; don't leave life without it.
5. If you don't save when the chips are up, expect to drown in debt when the chips are down. Sooner or later you can count on being laid up, laid off or laid out. It happens to the best of us, and a stash of cash will cushion the blow. Without it, your lifeline will probably be high-interest debt that will linger long after the storm has passed.
6. You can't accumulate wealth if you charge more than you can afford to pay each month. High- interest credit card debt is highway robbery without the mask and gun. Motivate yourself to mop up your debt by using the Payment-push plan.
7. Choosing a fiscally irresponsible mate is hazardous to your financial health. Opposites tend to attract, and fiscally conservative gals tend to be drawn to fiscally liberal guys, and vice versa. If you're about to pair up with a big spender, don't sign for any debt you wouldn't be able to manage on your own. You and your partner should have a talk about any debt you have and how you will deal with it so you don't end up deeply in love and deeply in debt.
8. Shopping without a list costs more than shopping with one. Shopping smart will help you to live below your means. Everyone's familiar with the grocery list, and how it helps curtail impulse spending at the market. Try making a clothing list to keep you from the temptation of impulse shopping at the mall. Makes a list of what you must have in your wardrobe: number of shoes, blouses, suits, jeans, jackets and coats. Take an inventory of what you already have, and make a list of what you need to complete your wardrobe. That's your clothing-shopping list. Goodbye recreational shopping, hello increased savings.
9. Buying a car and keeping it until it dies is cheaper than leasing one. A car is wheels; don't give it more status than that. When she can't pay for it outright, the smart person saves up for the down payment, finances the car over 36 months, and enjoys many payment-free years in between cars. Educate yourself on the female car buyer's bill of rights.
10. Money buys financial freedom: go for it. Financial freedom is not gender limited: women can achieve it as well as men. For the latest and greatest ways to save and spend, sign up for Bankrate's free newsletters. http://www.bankrate.com/brm/news/special/20001227e.asp
A single parent multitasks all the time. Sometimes she's the chef, other times the taxi driver or housekeeper, and always she's the breadwinner, family psychologist and teacher. Managing a family, a household and holding down a job keep her plenty challenged.
If you're winging parenthood on your own, you know it's difficult to carve out time to pay the bills let alone do financial planning.
Here are some suggestions for streamlining your financial life and building up your net worth:
Establish a cash reserve
Everyone should have an emergency cash fund, but it's especially crucial for a single parent. A good rule of thumb is an emergency fund equal to three months of expenses, but your savings needs to ultimately reflect your financial situation, advises Gayle Buff, a certified financial planner in Newton, Mass. If your job is secure and finances strong, then a home equity line of credit or open credit on a credit card is sufficient. Invest your extra cash more aggressively. However, if your job is unstable and your finances tight, then you need to tighten your belt and put away six months of living expenses.
The key to establishing a cash reserve is to be consistent.
Take control of your finances
Healthy finances require that you pay attention to how you spend your money.
"Managing cash flow is difficult," says financial planner Mari Adam, of Adam Financials in Boca Raton, Fla. "It can seem time consuming and overwhelming, but it's time well spent. If you ignore your expenditures, money simply disappears."
Set up a spending plan. Write down your short-term and long-term goals. Ask yourself how you can accomplish them. The first step is to evaluate your spending habits. Track your spending for three to four months, or look back over your checkbook and your income for the same period. Do you have any discretionary funds? Do you need to cut back your spending? Take the time to develop a spending plan.
At this juncture in life, the top financial goals should be to accumulate assets that will increase your net worth and your retirement savings. Pay yourself first through payroll savings plans and your 401(k).
Protect your family's future
Across the board, financial planners agree that single parents, in particular, need disability insurance and life insurance as a contingency plan to protect themselves and their children.
Long-term disability insurance covers your most valuable asset -- the ability to earn an income. Yet, it's the most overlooked insurance, explains Phil Behnen, certified financial planner with Polaris Financial Strategies in St. Louis, Mo.
"Not only is it vital for your financial health, but it's inexpensive," he says.
Check with your employer to see if you can pick up this coverage at work.
Life insurance is particularly important for single parents, especially if you are the sole supporter of your children.
Gayle Buff recommends purchasing term life insurance over permanent, or cash value, life insurance. Permanent life insurance, which combines insurance with an investment option, carries higher premiums, and is often too expensive for the amount of insurance you need, leaving you short-changed on coverage.
"The investment products are poor investing tools," Buff says. "You're better off buying term life insurance and investing the savings on your own."
Estate and contingency plans are vital
Single parents should have a will to protect and provide for their children in case something happens. Your will names your children's guardians and controls your estate -- that is, everything you own from your house, bank accounts, investments, insurance and personal property to your retirement plans.
If you die without a will, the state becomes the executor. Bankrate's Dollar Diva offers more details on setting up a will.
Single parents should also have a living will and a durable power of attorney. A living will expresses your wishes if you become terminally ill or incapacitated, and a durable power of attorney empowers someone you trust to carry them out.
Invest for college early
The earlier you save for college, the more your money grows. Mari Adam highly recommends the state-sponsored Section 529 college savings plans, which grow tax-free.
Most incomes can't heavily contribute to both retirement planning and college savings, so Adam recommends investing small amounts to both. Just get started.
"A common investing mistake is to invest too much money under the child's name," says Phil Behnen. Parents who open investment accounts for their child may find these earnings produce a larger tax bill than expected, due to the kiddie tax. Plus, parents who opt for custodial accounts need to remember that their child can access this money when they turn 18 years old. They may or may not choose to spend it on its intended purpose.
Lastly, a large sum of money in the child's name can hurt their chances for financial aid. This is one more reason to consider Section 529 plans, Behnen says, because they're assets of the owners, typically the parents, not the child.
Invest aggressively for retirement
"Don't invest too conservatively," says Behnen.
Concentrate your investments in growth-oriented investments.
Take advantage of your company's retirement program.
"The biggest mistake people make is they don't participate in their company's pension plan, and then lose out on the company's matching contribution," Behnen says.
He also recommends that you contribute to a Roth IRA. Adults who learn to invest early, explains Behnen, don't get used to having a higher income level to spend; they learn to live within their means.
Pay yourself first! Financial planners agree that the most reliable investment strategy is an automatic debit from your paychecks into your investment accounts. A good rule of thumb, says Adam, is saving 10 percent of your income, which includes your employer's contribution.
Here's why you should diversify your investments for a stronger portfolio.
Make your money go further
Take a look at your entire financial picture, and see if you can restructure anything to make it work better for you, says Gayle Buff.
Consider your banking products: How much does the checking account cost you? Can you put your cash reserves in a more productive vehicle?
How about your credit cards: Can you get a lower rate? Perhaps you'd do better to pay off high interest debt with savings from a low interest bearing account.
Own a home? A refinance may be beneficial.
Be tax savvy. In this down market, you may be generating a taxable loss. Make sure you claim this on your income tax return.
http://www.bankrate.com/brm/news/special/20020503b.asp