Child Support Calculator Texas and Does child support count as income for a mortgage?

Sign in or sign up to leave a comment
Sign Up

How Much is Child Support In Texas?

 Standard Child Support in Texas Guidelines. 

BASED ON THE MONTHLY NET RESOURCES OF THE OBLIGOR. 

1 child      =    20% of Obligors Net Resources

2 children =    25% of Obligors Net Resources

3 children =    30% of Obligors Net Resources

4 children =    35% of Obligors Net Resources

5 children  =   40% of Obligors Net Resources

6+ children  =  Not less than the amount for 5 children

 

When does Child support End in Texas? 

Support a child will continue until the child is 18 years of age or until graduation from high school, whichever occurs later; 

See The Monthly Child Support Calculator

See Youtube on Child Support in Texas

How will my child support payments affect my ability to take out a mortgage?

Child support payments can be counted towards your income, but there are two caveats that come into play.

First, you must have been receiving Child support for 6 months and it must continue on for 3 years to qualify as incomeChild support payments can then be added to your regular income from your job or other sources and be used to qualify for a mortgage. 

Does it count as debt, If I pay child support?

The Short answer is yes, It will count as a debt that has to be paid and will count towards your debt to income ratio

when you qualify for a mortgage.

   

We the video on CHILD CUSTODY SCHEDULES IN TEXAS DIVORCE

What Is Considered Income For Child Support?

Gross Resources (Income)

  • First, the courts will consider all wages, salaries, commissions, military pay, tips, overtime, and bonuses are all considered income for child support purposes. 
  • When a parent is unemployed, they still have income in the form of severance, retirement, unemployment benefits, and/or Social Security and Workers Compensation. 
  • Gifts, prizes, and alimony are also included in income. 
  • If a parent receives income from a rental property, include the net rental income. 

Net resources (Income)

After calculating gross income, they deduct the following: 

  • Social Security taxes or any mandatory retirement plan contributions
  • Federal income tax (based on the tax rate for a single person claiming one exemption)
  • Union dues
  • Health insurance premiums and other medical expenses (Dental) for the child(ren) if the court ordered the responsible parent to pay these expenses.

The resulting figure is the parents annual net income. Divide the net income by 12 to establish monthly net income.

https://thegiffordgroup.net/child-support-calculator

For a complete list of what to include and what to leave out, see Texas Family Code Section 154.062 (2020).

Thinking about the House? Keeping your current home through a buyout.

Determine if you can afford to buy out your spouse and keep the home after divorce.  

Then calculate your new mortgage after you know the divorce buyout mortgage.

https://thegiffordgroup.net/ - OPENING DOORS TO NEW BEGINNINGS

Realtors That Provide Compassion and Guidance For all your Needs Divorce.

Remove the Fear, Learn the Facts.

Categories: GeneralEducationHome Selling
Favourites If you enjoyed this post, please consider sharing it with others.
Sign in or sign up to leave a comment
Sign Up
To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to sign in. If you would like to create an HAR Account account, please click here.
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.

View Q&A Posts in General , Education , Home Selling