Child support helps parents maintain financial stability for their children after a divorce or legal separation. If your child’s coparent has a high net worth, you may want to ensure that your child maintains access to the financial security they would have had if you and your coparent had remained together. Conversely, if you have a high net worth, you may want to provide for your children while protecting your assets.
Our Frederick high-income child support lawyers can handle cases involving high-net-worth individuals. A child support attorney at our firm will advocate for your interests and protect your rights.
Courts generally calculate child support payments using the income shares method, which requires them to consider both parents’ combined incomes. When calculating each parent’s obligation, they consider:
Maryland Family Law § 12-204 outlines these factors.
However, the statutory guidelines only cover situations in which the parents’ combined monthly income is $30,000 or less. If you or your child’s coparent has substantial assets and your combined annual income exceeds $360,000, the statutory guidelines might not apply, so consulting a knowledgeable legal team is critical. Our Frederick attorneys have vast experience handling high-income child support disputes involving substantial assets.
When one or both parents have a high net worth and the parents’ combined annual income exceeds $360,000, the Court can exercise discretion in calculating child support payments. Because child support aims to ensure that a child maintains the same standard of living they would have had if the parents lived together, achieving this objective can be more complicated for high-net-worth families.
In addition to setting an amount that meets the child’s basic daily needs, the Court can examine the family’s lifestyle and each parent’s expectations for the child. The Court can also consider the family’s overall pre-divorce standard of living.
Instead of attending public school, many children from high-net-worth families attend expensive private schools. Some families also employ multiple nannies.
Children of high-income parents can also participate in costly extracurricular activities, such as horseback riding or intensive private training with personal coaches.
If children regularly take lavish holidays and vacations, the child support obligation can cover those expenses.
Because the Court has discretion in setting payment obligations, it is critical to work with our seasoned Frederick lawyers, who know how to handle high-income child support cases involving substantial income and assets.
As a parent, you want to meet all of your child’s needs. Cases involving high-net-worth individuals can make that goal more complicated. Our attorneys know how to handle these child support matters sensitively and effectively. We will work with you toward your goals while respecting and protecting your privacy. Contact us at Rolle & DeLorenzo to speak with a Frederick high-income child support lawyer today.
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