- September 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Heading: Child Support and Going Full Time with Your Business in Wisconsin: What to Expect**
**Introduction**
Hello everyone! I’m a first-time user here, so please bear with me. I have a couple of questions about how my child support order might be affected if I transition to full-time entrepreneurship. I currently reside in Wisconsin and would greatly appreciate any insights or advice you could provide.
**Current Child Support Order and Payment**
At the moment, I am responsible for paying the base 17% of my salary in child support, which amounts to $450 per month. However, I have a dream of dedicating myself full time to my business ventures. To achieve this, my plan is to establish an S Corporation (S Corp) where both my wife and I would be employed and receive equal compensation.
**Expectations and Concerns**
My primary query is whether my existing child support order will undergo any changes if I pursue this path. It would also be helpful to know if there are any important considerations I should be aware of as my wife and I embark on this exciting journey. Additionally, I’m curious about how child support operates when owning an S Corp.
**The Role of AI Legalese Decoder**
Considering the complexities of navigating legal matters tied to child support and business ownership, utilizing an AI Legalese Decoder could prove immensely beneficial. This innovative tool can assist in comprehending and interpreting the intricate terminology and requirements associated with child support law in Wisconsin. By leveraging the insights provided by this decoder, you can gain a clearer understanding of how your child support obligations may be affected should you transition to full-time entrepreneurship and establish an S Corp.
Thank you all in advance for your valuable assistance and guidance!
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Introduction:
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1) You will need to keep paying as is as you establish your business, so keep that in mind as you write your business plan.
2) If you make more as a business owner than you do now, your ex might file for a modification and your payment will be adjusted according to your new income.
3) During any child support modifications, you will have to provide tax returns in lieu of check stubs if you are self-employed. If you are a S-corp, this might include your wife’s income information (although her income won’t be included in the calculation).
If your income drops, they can say you are voluntarily underemployed and they can keep your order the same. If you are thinking this will lower your order, thatÔÇÖs not a safe assumption.