The mother of my son wants to take me back to court to recalculate child support. I lost my job and have since started my own business. My wife does all the paperwork, accounting, sales for the company and I do all the Labor. We have an LLC in both of our names, but lodge our taxes as married filing jointly. Our combined income last year was 140k. Would this translate to being 70k each or would my income be taken as 140k.The income was processed on the Schedule C of a joint return.
Should be $70K each if you reported it correctly on your tax return.
Michael is in San Jose, California and can be reached at 408-295-4232 or at [email protected] Consultation fees, rates and retainers vary based on need and ability to pay.
There are several approaches one can take to this issue, in terms of determining you and the other parent's receptive incomes from jointly running a business. Such methods cannot be properly described in a few sentences or paragraphs, other than to say that an expert can be hired to evaluate your respective efforts and establish what portion of the income is attributable to each party. Depending on how much is at stake, I would strongly suggest that you hire a local family law lawyer to help you.
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