True-up means balancing predicted and actual income for those who have fluctuations in their income.
For example, when you or your ex-spouse's income fluctuates, i.e., a salesman with a base salary plus commission, you will often hear that a "true-up" is necessary at the end of each quarter or year to balance the "estimated" or "base" salary with the actual salary.
If there has been an over or underpayment, you "true-up" at that time. As part of the process, all income information is exchanged, and the accurate child support (or maintenance) sum is determined. Documents involved usually include W-2s, 1099s, K-1s, tax returns, and bank statements – both personal and business records.
If you and your spouse both have a set salary and make the same amount every month, a true-up may not be necessary. You should talk to your Schaumberg attorney if you have questions to ensure the divorce, child support, and maintenance plans are fair.
Contact Our Schaumburg, IL Family Law Firm
Do you have more questions on child support in Cook County? Please contact the family law firm of Robert M. Kaplan for a consultation.