When it comes to protecting your financial privacy, there are several effective methods at your disposal. One commonly used approach is creating joint accounts with your spouse, partner, or a trusted family member. However, if opening a bank account isn’t an option, parents often resort to clever tactics like using different names on their bank accounts, making it challenging for child support agencies to trace them.
Parents can opt to use a false name or even a business name on their bank accounts to maintain anonymity. Some parents even consider using a foreign bank account, although this approach requires careful planning, coordination, and compliance with additional formalities.
This All Sounds Pretty Hectic, Wondering If It Is Really Required?
You might wonder if all these efforts are truly necessary. While it is illegal and not advisable to conceal bank accounts from child support agencies, custodial parents often feel compelled to explore various methods to do so. Despite the legal implications, there are several ways to keep child support agencies from discovering your bank account. Here are a few:
- Create a separate account that remains undisclosed to child support agencies.
- Safeguard your account information and only share it with trustworthy individuals.
- Request your bank not to disclose your details to child support agencies, effectively shielding your information from their reach.
What is Child Support
Child support involves regular payments made by the obligor, typically the non-custodial parent, to the obligee, who could be the custodial parent, guardian, or government agency.
These payments contribute to the financial care and support of children resulting from a relationship or marriage. It’s important to note that child support is not limited to a specific gender.
Both fathers and mothers may be responsible for providing child support, even in cases of joint custody. The allocated payment covers essential daily needs such as food, clothing, housing, and medical expenses.
What Is The Average Child Support Payment?
According to a 2020 report, the United States had 13.6 million custodial single parents. Among them, 12.1% relied on informal support agreements, while the remaining 87.9% had formal agreements established either in court or through a Title IV-D agency.
The average child support payment amounts to $5,760 per year, translating to less than $500 per month. However, only 60% of this estimated amount is received annually, and 21.7% of custodial parents seek government assistance to facilitate the collection of child support.
What Happens If Child Support Finds My Bank Account?
If child support agencies manage to locate your bank account, they have the authority to freeze your account and seize funds by issuing an order to your bank.
This action can have significant financial repercussions and cause hardships for you, potentially affecting your ability to meet your financial obligations.
Can I Be Penalised For Hiding My Bank Account From Child Support?
If you’re found to have hidden assets during divorce proceedings, the court may penalize you. It is crucial to provide full disclosure of your financial assets and information during these proceedings to ensure fairness and establish a just settlement.
Failure to do so can lead to unfavorable outcomes, such as being ordered to pay your ex-spouse’s attorney fees, granting them a larger portion of marital assets, or even awarding sole custody of your children to your ex-spouse.
Although hiding assets is not a criminal offense, it is considered fraudulent behavior and can have severe negative consequences for your case.
How Can I Make Sure My Bank Account Is Safe From Child Support?
While keeping your bank account hidden from child support agencies is not legally permitted in the United States, there are emergency scenarios where you may consider the following methods:
- Create a separate account that child support agencies have no information about.
- Maintain the privacy of your account information and only share it with individuals you wholeheartedly trust.
- Request your bank not to disclose your information to child support agencies, safeguarding your details from their reach.
Remember, it is essential to abide by the law and disclose all financial assets and information during legal proceedings to ensure a fair and just outcome.