How Does Child Support Work?

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Child support is paid by one ex-spouse to the other to help with the costs of raising a child. Find out how received child support can put a person into a more predictable income stream with help from a registered financial consultant in this free video on credit and personal finance.

Part of the Video Series: Credit & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro talking about how does child support work? As a financial adviser many times I sit down with clients and if they are female in nature, sometimes this topic will pop up if they are divorced and they have children. Many times I will ask the woman if she is receiving child support from her ex-spouse through a court order if those children are below the age of 18. If the individual woman answers back that she is receiving child support on a regular court appointed basis then those dollars become part of a predictable income stream and it puts her into a better position as an investor as a borrowing person as well. If that person tells me that they are not receiving their child support payments then that is a negative insomuch is it is not their fault necessarily that they are not receiving those dollars but it does immediately negative impact their income statement because where there should be income there is not. So if they are an individual that is facing child support problems they should immediately contact the court authorities and make sure that the responsible party that is to say their ex-spouse steps up and starts paying an income stream as per the court order. This is Patrick Munro talking about the workings of child support.

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