Are you involved in a spousal maintenance or child support case? An experienced Colorado Springs divorce and child custody lawyer can guide you through the legal process and assist you in exploring your options. You have one bite at the apple in the court system so make it count.
Colorado has a broad definition of income for support. In order to calculate support, courts first must determine party income per C.R.S. § 14-10-114(8)(c)(I) and C.R.S § 14-10-115(5)(a)(I). Income shown on a W-2 is the most common income received. However, many people often have other sources of income or are self-employed, which requires a more detailed analysis. Gross income is defined as income from “any source”. There are some exclusions such as child support payments, pre-existing maintenance payments, certain public benefits, income from second jobs if a person holds full-time employment as well, certain types of Social Security benefits, and certain retirement earnings. Assets utilized to produce income can also be considered. However, potential income cannot be attributed to an asset that has not historically been utilized to produce income. For example, a Court cannot determine that other household residents should pay rent if they have not historically done so.
Some types of income are reduced by ordinary and necessary expenses required to produce the income. Examples are income from self-employment, rent, royalties, or business income. However not all operating expenses necessarily reduce income. For example, accelerated depreciation or investment tax credits do not reduce income. It may be necessary to secure the assistance of an accountant to determine business income for maintenance purposes. Additionally in-kind expenses paid by a business that reduce personal expenses, such as the personal use of a company vehicle, are added back into business income in determining income available for support purposes.
Turning Change Into Opportunity in Colorado Springs, Colorado Divorce and Child Custody
A highly knowledgeable and experienced Colorado Springs divorce and child custody lawyer can guide you through Colorado Springs divorce and child custody matters by negotiating, mediating and litigating on your behalf. You can focus on moving to a better future instead of spending your time attempting to navigate complex legal rules and procedures.
Sabra Janko from Janko Family Law has more than 20 years of legal experience and has written “the book” on Colorado divorce and family law – “Colorado Family Law With Forms”, published by LexisNexis, which you can find at . Contact us at 719-344-5523 or complete our online scheduling request for a free 30-minute informational consultation. We also offer paid advice sessions for a more in-depth analysis of your case.