Child support is one of the most contested issues for any divorcing couple. Neither parent wants to pay more than the other, but both want to ensure that their child is well taken care of and provided for. When there is a great deal of wealth on the line, as in a high net worth divorce, the stakes are often raised even higher.
There are numerous factors to consider as the court establishes child support payments. The number of children involved, which parent spends more time with them, and yes – the income of both parents. This final factor is perhaps the most influential in high net worth divorces.
How does income affect child support payments?
The court treats high net worth divorces differently when it comes to child support. Anytime the parents combined income exceeds $141,000, a unique set of rules applies. The court is required to use the child support percentage multiplied by the excess income over $141,000, as well as consider other statutory factors.
The standard child support percentage involves multiplying the excess income over $141,000 by the appropriate child support percentage. This amount is then applied to each parent as their income dictates.
Statutory factors, however, can impact child support in a high net worth divorce. These factors may include any and all of the following:
- The financial resources of each parent
- The financial resources of the child
- The child’s physical and emotional health
- The child’s standard of living prior to the divorce
- Tax consequences
- Educational needs of both parents
If you are facing a high net worth divorce, it is important to understand how the court may determine the final child support payments. Our firm can represent you throughout the process and help protect both your rights and the rights of your child.
Schedule a consultation with our New York City divorce attorney today!