Bank official may have to pay larger child support payments

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Often, child support is a major area of contention between two parents who have little in common other than a shared child. The parent with primary custody may feel that the other party is trying to shirk his or her responsibility of caring for the child in Virginia. However, the noncustodial parent might fear being taken advantage of financially by having to pay more than is reasonable toward the costs of raising the child. When both parties are at odds regarding child support payments, a judge will determine the final outcome.

In one out-of-state case, a high-ranking official is slated to earn almost $4 million in 2014. This information is relevant to an upcoming child support trial in which he is involved. This official is Peter Orszag, who used to be the director of the Office of Management and Budget and now is a vice chairman at Citigroup.

Orszag, in 2010, said he had a child with another woman out of wedlock. He has two children with his wife, whom he divorced in 2006. The mother of the child whom he had out of wedlock is now seeking $25,000 a month in child support payments since Orszag's current income is higher than it was in 2008, when their first child support agreement was reached.

The judge typically determines who will pay child support payments based on the incomes of both parents. Particularly if one parent decided to stay home to take care of the kids, he or she most likely will be the one to receive child support. If the couple can negotiate and reach an agreement on the matter, they can avoid further court intrusion. If not, they both have the right to seek their own best interests in a Virginia court.

Source: Politico, Peter Orszag riches public in child-support trial, Lucy Mccalmont, March 11, 2014

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