If you and your partner decide to divorce and have children, it is important to handle child custody matters as quickly as possible. Custody battles are not only time-consuming, but they can be expensive as well. If you’re a Maryland resident, here are some things that you need to know about how your finances will impact the custody ruling.
Income and child custody
If a child custody case goes to court, the income of the parents is often not the main factor impacting the court’s decision. The courts will consider what is best for the child when deciding which custody arrangement is ideal.
The courts will take the stability of both parents into account and ensure that there is a childcare plan in place for when one or both parents are working or out of town. The judge will evaluate the mental health of both parents and check to see if there is a history of alcohol or drug abuse among either parent.
If the child is old enough, the child may be asked to testify in court to state which parent they’d like to live with. Of course, the finances of each parent are considered in court as well to ensure that the parent can financially provide for the child’s basic needs.
How finances affect custody
When it comes to finances and child custody, the court will consider the parents’ incomes and living situations. For instance, if a parent is underemployed or homeless, they are not likely to be awarded custody.
However, parents who were the stay-at-home parent in a marriage may still be awarded custody if the court considers that parent’s earning ability in the future. Child support and alimony payments made to the stay-at-home parent will also be factored into that parent’s income.
