Passive Income Is Money Generated from Investments
Video Transcribed: What is passive income for the purposes of determining child support in Oklahoma? I’m Oklahoma attorney James Wirth, and we’re doing a series on child support and its definitions. And the definition we’re dealing with here is passive income.
And as you probably know, the main factor determining how much child support is going to be the party’s income. And gross income, which is what you start with, is divided into two different types, earned and passive.
So what is passive income? Well, it’s defined by Oklahoma law. It’s Title 43 Section 118B, Subsection A, Subsection 3. And what it provides is that passive income is defined as all other income and includes, but is not limited to, income from dividends, pensions, rent, interest income, trust income, support alimony being received from somebody other than the other parent, in this case, annuities, social security benefits, workers’ compensation benefits, unemployment insurance benefits, disability insurance benefits, gifts, prizes, gambling winnings, lottery winnings, royalties.
So all of those things that are not earned income, not your regular salary wages, but you’re still receiving those funds, that’s going to be passive income. And it does factor, in determining child support.
If you’ve got any questions about income, child support in Tulsa, you’re going to want to talk to an attorney about that, specifically about your circumstances, do so confidentially by getting an appointment scheduled with somebody at my office. To do that, you can go online to makelaweasy.com.