Bewildered about how child support is calculated in Arizona and who pays it? This legal guide will help simplify and demystify the process for you. And you don’t have to be a CPA to understand it.
It can sometimes be overwhelming to try to determine the proper amount of child support payments. This is true even in states such as Arizona that provide online child support calculators. The first step should always be getting an accurate handle on both parents’ income, expenses, assets, and debts.
Most states have a state-approved form that both parties must use to list all the following:
- Income, such as salary, wages, bonuses, tips, inheritance, trust funds, or disability benefits.
- Expenses, such as those for other children not born of this union (whether court-ordered child support or not) or household costs such as rent or mortgage payments, utilities, or automobile loans, insurance, and upkeep.
- Assets, which are things that can be converted to cash.
- Debts, which are moneys owed, more often on a long-term basis than monthly.
This form may be called an Affidavit of Financial Information (AFI), Financial Disclosure Statement (FDS), or a similar name. But no matter what the name, the most important thing to remember is that both sides have to complete the form. Don’t worry that you are disclosing anything the other side doesn’t have to disclose. Be as honest, forthright, and complete as possible because it will only hurt you if you are not.