High Net Worth And Child Support
There is no set amount that is connected to the term high net worth when it comes to divorces. But, generally, any marriage dissolution that involves more than a million dollars in net liquid assets is referred to as a high net worth divorce. This means when you subtract liabilities, such as debts and loans, from the case, the liquid assets of the marriage, including cash, securities and stocks, is over a million.
High net worth divorces in New Jersey and Pennsylvania can be messy. It is often difficult to impossible for spouses to agree on how to divide substantial assets fairly. Additionally, one party may be seeking support payments, including child support or spousal maintenance, and these disputes will be on top of arguments surrounding distribution of assets. To secure the objectives you are seeking, connect with a Bucks County family attorney.
Providing for the Children
Often divorce agreements will include child support payments, regular payments that one parent is required to pay the other parent until the children are adults. Child support awards are possible for high net worth couples as well as for spouses with less resources.
Child support could be used for one or all of the following.
- Rent or mortgage payments
- Health insurance
- Food and clothing
- Tuition payments
- Extracurricular expenses
- Other fees connected to child necessities
In addition, for high net worth couples, the ongoing payments could be used to maintain a certain lifestyle for the kids, one they became accustomed to while their parents were married. Support payments can become an area of contention as high incomes and a lot of assets can lead to higher awards.
Avoiding a Court Order
When possible, it is usually best for the parents to land on a parental agreement that works for them, including a child support payment schedule. Negotiating through one another’s attorneys means you may be able to secure your key objectives within the divorce agreement. When an agreement goes to court, because the parents were unable to agree on terms, the final decision is up to the court. You have far less, or even no say, in the final determination.
Naturally, there are times when court can’t be avoided or when going to court is in your best interests. To learn what is possible for you, have the specifics of your case looked over by a Bucks County personal injury attorney. High net worth cases can be complex, and you want to be sure your financial interests and the interests of your children are being protected, now and into the future.
Are you seeking child support but believe your high net worth could complicate the process? Talk to the legal team at Kardos, Rickles & Hand. Our experienced, compassionate attorneys know how to achieve the best outcomes, whether you have a lot of resources or find yourself struggling to determine how you can afford the post-divorce future you are hoping to obtain. To begin a lawyer-client relationship for your unique situation, call 215-968-6602.