Paying child support as a business owner

On Behalf of | Dec 15, 2021 | Asset Division, Divorce

As a business owner, there are multiple reasons why you could have an especially challenging time during the divorce process, especially if you have kids. Entrepreneurs and business owners sometimes find themselves in the middle of a divorce because of the demands associated with launching and growing a successful firm (such as high levels of stress and a lack of free time).

Moreover, those who do not have traditional employment face additional hurdles during and after their divorce. For example, those with a high net worth sometimes have to pay a significant amount of money in child support, and their income can fluctuate considerably. Furthermore, many have to find other ways to pay child support since it is not withheld by an employer.

Child support payment methods in Colorado

Many parents have child support withheld by their employers, but you can pay child support in other ways if this is not an option available to you. Colorado’s Child Support Services states that you can pay child support by credit card, debit card, over the phone or by mailing a check or money order. You can also have support automatically withdrawn from your bank account or make payments at approved locations across the state.

Staying current on child support payments

Falling behind on child support could turn your life upside down, creating financial hurdles and leading to the loss of your professional license or even time behind bars. Make sure you understand the different ways you can pay support and the options you might have if your financial circumstances change, such as potentially modifying your child support order.