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How can your income level impact a possible modification?

On Behalf of | Jul 2, 2022 | Child Custody |

When preparing for your children’s future, one aspect that you may think about is the monetary support you can give them. This includes the amount of child support you pay on a regular basis.

However, this amount may not always stay the same as the years go on. Learning about the reasons why you can seek a modification often includes looking at your income level.

Change in job status

According to the Michigan Courts, you may reevaluate what you pay if you lost your job or had a significant change in the level of income you are currently earning. This change could come from a switch in your career or another kind of complication.

Since this change in income can happen without warning in some cases, it is best to request a modification as soon as possible. Until you officially get the modification approved, you still must pay the amount you received before.

Retirement

Another common issue is that retirement often affects how much income you have on a monthly basis. When planning for this change in the near future, you may want to seek out a way to file to modify your child support amount.

Injury or inability to work

In some cases, you may struggle to recover physically after an accident or serious injury. If you are facing financial issues after being out of work or unable to hold a job, you could contact the courts to try to modify your plan.

As your children grow older, they may also need more or less monetary support. Trying to modify your original plan may help you to find the best solution for all of you.