Divorce can be a complex and emotionally challenging process, especially when significant assets become involved. For couples with high net worth, the division of assets and determination of child support can be even more intricate.
Parents facing a high-asset divorce should understand how courts calculate and enforce child support in such cases.
Calculating child support
When determining child support in high-asset divorces, the court’s primary focus is the child’s best interests. The court considers various factors, including the child’s needs, the standard of living during the marriage and the financial resources of each parent. However, calculating child support can become more complicated when parents have significant assets. In such cases, courts may deviate from standard child support guidelines and consider additional factors such as private school tuition, extracurricular activities, healthcare expenses and other specific needs of the child.
Courts may also evaluate the income and earning capacity of both parents, even if one parent is not employed or has a lower income due to investments or other assets.
Paying child support
High-asset divorce cases can be overwhelming, especially when they involve child support. However, parents must go over their case carefully and those who owe child support should understand the consequences associated with falling behind. The Maryland Courts state that unpaid child support can result in license suspension, credit reporting, fines and time behind bars.
Understanding the unique factors and considerations that come into play is essential to protect the child’s best interests. Parents with a high net worth should review their rights and responsibilities with respect to child support. Remember, the primary goal should always be to ensure the child’s financial stability and emotional well-being during and after a high-asset divorce.
