Child Custody

Author:  Whitney A. Hey, Esq. Family Law Attorney about whitney Child Custody, Divorce October 5, 2022 What is Income in Child Support Cases in Colorado? Colorado child support guidelines factor in the “income” of both parents.  People are often surprised to learn that the “income” that Colorado law is talking about is different than what people have on their tax returns.  The IRS has a variety of rules that reduce a person’s gross income.  Colorado has its own set of rules for what counts as income for purposes of child support.  Colorado’s definition starts off with a broad statement of “gross income”: “Gross income” includes income from any source, except as otherwise provided in subsection (5)(a)(II) of this section, and includes, but is not limited to . . . The Colorado law then goes on to list no less than 26 categories, literally (A) to (Z).  These categories include some things you might expect such as: Salaries Wages These categories also include some other things that might surprise you: Commissions Payments to you as an independent contractor Pensions and Retirement Benefits Bonuses Dividends Rents Capital Gains certain Social Security Benefits Monetary Gifts Alimony or Spousal Maintenance received and potentially adjusted Overtime pay, if required by the employer as a condition of employment and more Colorado child support law does exclude some financial payments from “gross income”.  These are: Child Support payments received Benefits from means-tested public assistance programs (think SSI or food stamps) Income from additional jobs beyond forty hours per week or full-time employment Certain earnings on retirement accounts   The attorneys at Family Law Group can help you determine your income and that of the other party to the case under Colorado law.  We can help you with your child support case.  Give us a call at (719) 687-2328 or email us at info@familylawgroup.us.   Contact Us

Author:  Whitney A. Hey, Esq. Family Law Attorney About Whitney Child Custody, Divorce October 5, 2022 The Basics of Financials in Family Law When dealing with your family law matter, whether it is a divorce, child support, or even a paternity case, there is one constant between them all. Financials. Financials are the documents proving your income, your assets, and your debts. These can include but aren’t limited to your paycheck stubs, and tax statements, your utility bills, mortgage or rent statements, and bank accounts. The Court provides a form which outlines the type and amount of documents you are required to provide, but trying to make sure you get all of the documents to the right parties can be time consuming and daunting. Some cases may require appraisals, or a financial consultant to review the party’s finances, or even a business valuator top figure out the marital share value of a business. Both parties are required to provide their financials by certain deadlines, and both are required to update them as your case continues. Sometimes people don’t want to provide certain financial documents, or try to hide assets from the other party.  Failure to provide required documents or attempting to hid assets can lead to the Court holding a negative inference against you, or even applying sanctions against you, such as required you to pay the other party’s attorney’s fees. In Colorado, there are two components to the mandatory financial disclosures: The Sworn Financial Statement which provides an itemization of the person’s income, expenses, assets & debts. The underlying financial documents to corroborate the financial statement, such as pay stubs, tax returns, bank & credit card statements, etc. For a complete list of required disclosures, see Form 35.1 to the Colorado Rules of Civil Procedure. An experienced Family Law Attorney can assist you in making sure you provide what you are required to provide, and can help you go through the other party’s financials to ensure that everything is properly disclosed. Contact our office to set up a consult with one of our experienced Family Law Attorneys and see how they can help you with your case and ensure you are handling your financials correctly and in your best interest.  Give us a call at (719) 687-2328 or email us at info@familylawgroup.us.   Contact Us