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How do business owners handle child support?

August 31, 2022 | Asset Division, Firm News

During the divorce process, a person will likely run into numerous hurdles and struggles. This is particularly true for parents, and also true for business owners. These two aspects can add unfathomable issues to an already complex situation.

People with high net worth also have to deal with the possibility of expensive child support payments despite the fluctuation of income, leading to even more potential problems.

Dealing with divorce as a business owner

Business owners often have a lot on their plate. Between trying to grow a business and raise a family, it is often the case that some things fall through the cracks.

Sometimes, the demands of growing a business can actually contribute to the divorce itself. Running a business and building it up for success in the future often results in an individual needing to dedicate more time and energy to the company, rather than to their family.

Handling child support matters

Colorado’s Office of Economic Security discusses handling matters of child support. Most parents in Colorado have their child support payment chunks taken directly out of their paycheck by their employer. However, business owners do not often have this option.

There are other methods to make these payments, however. Examples include paying by check or money order, paying over the phone, or paying with a debit or credit card.

It is important for a person to stay on top of their child support payments regardless of how they do it, though. Falling behind could result in fees, the loss of any professional license a person may have, and even time in jail. Thus, it is important to ensure that all payments happen.

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