Child Support and Investment program?

[Buoy]

I'm sure some of you have dealt with this.
I pay a big chunk of my paycheck to child support, about 1/3 - which I don't really have a problem doing - my daughter is living well, and she is involved in any type of activity she is interested in (horses, gymnastics, etc...).
I pay a lot more than I probably should, but, I'm not intending to challenge the courts - my daughter deserves the best I can provide for, and my ex-wife doesn't seem to be squandering it on anything but my daughter, and has been using it to save for college (my daughter is only 10yrs and the story is that her College is almost covered).

But, my question lies in:
Is there a way to get the Gov't out of my paycheck? The Gov't hacks the money out of my check before I see it. Is there a way I can set up an investment account (say, drop a few grand into an account that will bear interest) and have the CS drawn from that instead of my paycheck?
Split my paycheck to cover the CS, and also be able to handle the account as an investment similar to a 401 or Stock portfolio (not that I have Stock).

I'm just seeing how much money that I work for that never even touches my hands, and I'm thinking that with an investment I may be able to use that money as a tool, at least for a short term.

I'm just thinking aloud here, And I know we have some smart people on the board here (excluding myself).
Just looking for some suggestions.

 

[fund razor]

(I have been waiting to use this line for 5 years)

I don't think so, Tim.

You could have your health insurance taken out pre-tax, tho.

 

[Ratickle]

(I have been waiting to use this line for 5 years)

I don't think so, Tim.

You could have your health insurance taken out pre-tax, tho.

Changing your name to Al??????:sifone:

 

[VtSteve]

I had it put into the Order itself that I pay weekly, all by my lonesome. I appreciate the control. I think that you can ask the agency that is the go between, but I doubt it will change.

 

[fund razor]

Other interesting fact: Tim lives in a different state than his child... so one state would actually "extradite" his license to the other state.

Sounds like I favor deadbeat dads. I don't. I think that there are other ways. Just harder.

 

[cigdaze]

Is there a way to get the Gov't out of my paycheck?

No. That's what they do.

 

[Chris]

Remarry her mother.

 

[C M R]

www.fairtax.org

From the website:

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including:

A progressive national retail sales tax.
A prebate to ensure no American pays federal taxes on spending up to the poverty level.
Dollar-for-dollar federal revenue neutrality.
Repeal of the 16th Amendment through companion legislation.

 

[sledge]

First off, you're dealing with a court ordered payment. So you'd have to go back to court and get the judge to sign off on the new plan.

Before that, you have to come up with a plan that would be pallatable for both the ex-wife and the judge. What you're talking about is more like a trust fund/annuity type deal. It'll be a hard sell, but not entirely impossible to set up a trust for your daughter and have the support taken from the trust.

You need to get together with a lawyer that has experience and can recommend a financial planner to build it out. AND THEN offer it up to the X and court.

Initially I'd say it's unlikely that the state/judge would allow just a direct debit from any account. But how did you handle your recent relo and unemployment? If they allowed you to send in a check, or they let you sign up for direct debit, you "might" be able to get away with setting up your investment account and having a check sent directly from that account....without the EX/court getting involved.

Tough topic. I'm sure a lot of dads are out there right now getting squeezed by the bad economy.

 

[ChiefApache]

First off, you're dealing with a court ordered payment. So you'd have to go back to court and get the judge to sign off on the new plan.

Before that, you have to come up with a plan that would be pallatable for both the ex-wife and the judge.

:iamwithstupid::iamwithstupid: Agree with all this.

 

[imco offshore]

i went thru the same thing, in fla.. i ended up putting 10,000 in a trust that monthly auto sent the ch pmt. to the courts, it all ended up about the same money tho i,m not sure it was worth the time, ps ps it don,t stop after she is emansipated (18) trust me DADDY with the big blues youll crumble,, LEXUS,,, INS,,, CREDIT CARD,,, ECT good luck and enjoy her ....lol