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  • New Jersey Financial Statement for Summary Support Actions

New Jersey Financial Statement for Summary Support Actions

Category:
Statewide - General
State:
New Jersey
Control #:
NJ-SKU-1040
Format:
PDF
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Description

Financial Statement for Summary Support Actions

The New Jersey Financial Statement for Summary Support Actions is a document used by the court to make decisions regarding child support, alimony, and other family support obligations. This document must be completed in order to provide the court with an accurate financial profile of both parties involved in the case. The New Jersey Financial Statement for Summary Support Actions contains information on income, assets, and liabilities, as well as other financial information such as child care expenses, health insurance premiums, and debt payments. The financial statement must be signed and dated by both parties in order to be accepted by the court. There are two types of New Jersey Financial Statement for Summary Support Actions: The Short Form Financial Statement and the Long Form Financial Statement. The Short Form Financial Statement is used if both parties agree on the amount of support being requested. The Long Form Financial Statement is used if the parties disagree on the amount of support being requested. The Long Form Financial Statement provides more detailed information so that the court can make an informed decision.

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FAQ

Example: The non-custodial parent of one child has an income of $2,000 per month. The court orders a flat percentage of 25% of the non-custodial parent's income to be paid in child support to the custodial parent. Therefore, the non-custodial parent pays $500 per month in child support.

Since child support is based on the parents' combined net incomes, it is crucial each parent understands how their net income will be calculated. This is defined in New Jersey's child support guidelines Appendix IX-B.

The court looks at the combined net income of the parents and compares it to the average cost of raising a child in the county where the custodial parent will live. The judge adjusts this cost based on the amount of parenting time each parent has with the child during an average month.

Child support laws in New Jersey Irrespective of the custody arrangement, under New Jersey law, both parents have the obligation to provide financial support for their child until the child is emancipated.

For example, net monthly income of Parent A, the custodial parent, is $3000 and Parent B's net income is $5,000. Total net income is $8,000. Using one state's guidelines, the total basic support obligation is estimated at $794 for one child.

The law says that almost all kinds of income must be used to calculate child support; even things like overtime, lottery winnings, and unemployment benefits must be added in. Welfare benefits or other money given to needy or disabled people are about the only money that doesn't count in figuring out child support.

To calculate this, we multiply the total child support amount (line 13) by each parent's percentage of income. For CP, it is 46% x $342.00, which equals $157.00 per week. For NCP, it is 54% x $342.00, which equals $185.00 per week.

Under the Guidelines, the child support award covers fixed costs, including shelter and shelter-related costs; variable costs, including the cost of transportation and food for the child; and controlled costs, such as clothing, personal care, entertainment, and other miscellaneous expenses.

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More info

Part C –Weekly Exemptions: Report the following deductions from your weekly income. 1. Number of tax exemptions claimed: 2.Each Probate and Family Court has copies of Financial Statement forms on pink paper. Financial statements are written records that convey the business activities and the financial performance of an entity. This brochure will help you gain a basic understanding of how to read financial statements. (COMPLETE THIS SECTION IF YOU ARE EMPLOYED.) I am employed 40 hours per week. I am paid ❑weekly ❑bi-weekly ❑twice a month ❑monthly. (COMPLETE THIS SECTION IF YOU ARE EMPLOYED.) I am employed 40 hours per week. I am paid ❑weekly ❑bi-weekly ❑twice a month ❑monthly. Complete the "Financial Statement for Summary Support Actions"; Provide last year's tax returns, W-2 statements three most recent pay stubs.

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