A Brighter Future Is Within Your Reach

A Brighter Future Is Within Your Reach

Cryptocurrency and child support

On Behalf of | Mar 2, 2018 | Child Support, Firm News |

Every parent who maintains his or her parental rights has a responsibility to financially support his or her children. According to the laws of Massachusetts, every type of income is considered when setting up a child support order. This may include cryptocurrency — such as Bitcoin.

How much child support one has to pay is determined by looking at a number of factors, starting with the number of children requiring support and the income level of both parents. Then, the court will consider any extra needs of a child and the accustomed standard of living. A support order will then be granted in a sum that provides for basic needs and helps the child maintain his or her current standard of living.

Bitcoin is a virtual currency that has been around since 2009. Its value has been all over the place, recently reaching an all-time high — just to crash a few days later. At the end of the day, money is money — regardless if it comes in a virtual form. When it comes to paying child support, it may be accessed and utilized for that purpose.

When figuring out child support, it is important for both parents to offer information about all types of income. Unfortunately, when it comes to Bitcoin, some may try to hide it in an effort to reduce the amount they have to pay. With the assistance of legal counsel, Massachusetts parents who depend on child support in order to provide for their children can take steps to ensure all income sources are listed and available to the court when it comes time to figure out the proper support amount.

Source: Bloomberg, “Bitcoin Bitterness Starts to Make Messy Divorces Even Worse“, Hannah George, Feb. 26, 2018