My question involves a child custody case from the State of: CA
I understand interest on support arrears is calculated using simple interest at 10% per year. How does this work when the court determine arrears are owed over several years?
In my case, there was an ambiguity in the order and I was supposed to be paying extra for support each month for the last two years. (It's frustrating because it's the result of an oversight that could have easily been fixed, but I digress...)
So, lets say I owe $1,000 for 2014, $1,000 for 2015, and $1,000 for 2016 (so far). How much interest is owed?
I understand interest on support arrears is calculated using simple interest at 10% per year. How does this work when the court determine arrears are owed over several years?
In my case, there was an ambiguity in the order and I was supposed to be paying extra for support each month for the last two years. (It's frustrating because it's the result of an oversight that could have easily been fixed, but I digress...)
So, lets say I owe $1,000 for 2014, $1,000 for 2015, and $1,000 for 2016 (so far). How much interest is owed?
Support Arrears: How to Calculate Interest on Support Arrears
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