You can make use of a number of ways to keep your account hidden and the most common method is known to be creating joint accounts with your spouse, partner, friend, or any other family member.
The other option includes not opening a bank account in the very first place. This can prove to be extremely difficult for parents at certain times due to the necessity of maintaining and managing finance in an organized way.
Thus, some parents come up with a smart tactic of using different names in their bank accounts. In this way, child support cannot hunt down the bank accounts of the parents easily. Wondering how to do it?
Well, parents can choose to use a false name or even a business name in order to do so. Some parents use their foreign bank account to keep child support away. But using a foreign bank account can cost you a lot of formalities and requires future planning and coordination.
This All Sounds Pretty Hectic, Wondering If It Is Really Required?
It is very much likely for custodial parents to develop the urge to keep bank accounts hidden from several child support agencies. Even though it is illegal to do so and not favorable by law, you can accomplish this in various ways. And with above-mentioned ways, there are Some ways to keep child support from finding your bank account are:
1. You can choose to create a separate account that the child support does not have any information about.
2. You can also keep your account information private and share it with people whom you wholeheartedly trust.
3. You may also request your bank not reveal your information to the child support agencies so that they cannot find your details.
What Is Child Support?
Child support refers to the periodic payment made by the obligor to an obligee in respect of financial care and support of children of a relationship or even marriage. The obligor is generally the non-custodial parent and the obligee might be referred to as the custodial parent, guardian or a government agency. In simple words, this is a monthly amount that is to be received by the custodial parents from the non-custodial parents.
In the United States, there is no gender requirement for child support. A father can easily pay a mother or even a mother can easily pay a father. In case they have joint custody, a custodial parent might have to pay child support to another custodian parent. This payment is structured in such a comprehensive way that it can cover daily necessities like food, clothing, housing and medical bills.
What Is The Average Child Support Payment?
In a report published in 2020, it was found that there were 13.6 million custodial single parents living in the United States. In 12.1% of cases, the parents work on the basis of an informal support agreement, and in cases of the rest 87.9%, there are formal agreements established in court or through a Title IV-D agency.
It was also found that the typical size or the average amount of child support is $5760 per year and thus amounting to less than $500 per month. However, only 60% of this estimated amount is received every year and 21.7% of custodial parents are reported to have asked for government assistance to aid in the collection of child support.
What Happens If Child Support Finds My Bank Account?
If child support manages to find your account, they can immediately freeze your account and evacuate money from your account by ordering the bank to do so. There is a high chance that the money can be taken from a joint account as well. This can in turn result in financial hardships for you.
Can I Be Penalised For Hiding My Bank Account From Child Support?
The court may choose to penalize you if you are proven to have hidden assets during your divorce proceedings under your name. This is because the court wants to ensure that both parties are being true and fair about their financial information so that a fair settlement can be established.
Now if it is found that you are hiding assets illegally even after the court’s proceedings, the court may order you to pay your ex-spouse’s attorneys’ fees, give your ex-spouse a larger share of the marital assets, or even award sole custody of your children to your ex-spouse. Even though hiding assets won’t put you under criminal offense and charge you for such cause, it is still considered to be fraudulent behavior and will result in further negative consequences for your case.
Always make sure you are disclosing all your financial assets and information, so that you can get a just and fair hearing from the law.
How Can I Make Sure My Bank Account Is Safe From Child Support?
Even though the practice of keeping your bank account out of sight of child support is not permitted by law in the United States, you can try out the following methods if it is an emergency scenario here.
Some ways to keep the child support from finding your bank account are:
- You can choose to create a separate account that the child support does not have any information about.
- You can also keep your account information private and share it with people whom you wholeheartedly trust.
- You may also request your bank not reveal your information to the child support agencies so that they cannot find your details.
Frequently Asked Questions
Q.1 Is it possible to keep my bank account information hidden from child support?
Ans. You can create a bank account with a false name or a business name to keep the child support away. You may also try operating a foreign bank account but it costs a lot of time, money, and early planning.
Q.2 How to protect your business from child support?
Ans. If you want to protect your business from child support, you must keep a detailed record of all your spouse’s contributions and make sure to pay yourself a salaried income. You can also set up a written agreement to have contractual protection of your business.
Q.3 How do I get my money back from child support?
Ans. The only thing you can do is try to negotiate with the caseworker by explaining to him valid reasons why you are unable to pay the child support.
Q.4 Do banks have to report accounts to child support agencies?
Ans. As the law states, banks have to report all financial accounts held under a person’s name to the child support agency or division handling the particular case. This even includes overdraft accounts and also closed accounts.
Q.5 How do I get back overpaid child support?
Ans. If the child support agency comes to know that an overpayment has occurred, it will automatically initiate its procedures to recover the funds from the overpaid party. The most common method used to recover lost money is through wage garnishment or tax refund seizures.
Q.6 Do you have back child support payments to make?
Ans. 1. First you need to get a lawyer. If you are facing trouble paying your back child support payments on your own, you can seek help from a lawyer. A lawyer after reviewing your case will be able to help you negotiate a more reasonable payment plan with the other parent.
2. Next, you need to find a debt consolidation loan. If you already have tons of back child support payments that you can’t afford to pay off directly, consider looking into seeking a debt consolidation loan. Debt consolidation loans allow you to combine multiple debts into one larger payment that you can manage easier. This will help you cut down the amount of money you need to pay as child support every month and will subsequently reduce your debts.
3. You can also consider filing for bankruptcy. If all the above-mentioned steps fail and you can’t afford to pay your back child support payments, consider filing for bankruptcy. Filing for bankruptcy will help you in reducing your back child support obligations in a chapter 7 case.
Q.7 How can I lower my child support payments?
Ans. Child support payments are organised on a state level and contain different sets of laws and obligations, typically varying from one state to another. You can choose to file a motion in court to modify your child support payment as per your requirements.
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