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While undergoing a high net worth divorce, you may be concerned about how this split will affect both the lifestyles of yourself and your children. If you did not work during your marriage, it may be stressful as you seek financial independence. Our high net worth divorce attorneys at DeTommaso Law Group, LLC share what you should know about seeking child support during a high net worth divorce.
Can High Net Worth Parents Pursue Child Support?
All parents must pursue child support during their divorce in New Jersey, regardless of their financial status. Parents pursuing a high net worth divorce often seek child support to maintain the child’s lifestyle following their divorce. In this case, child support would cover:
- Health insurance
- Shelter
- Food
- Clothing
- Other necessities the child needs
- Maintenance for their current education
If the children attended private school prior to their parents’ divorce, the courts can include their tuition or a portion of their tuition payments in monthly child support allowances to ensure the children’s educations are not disrupted.
High Net Incomes Mean Higher Award Values
New Jersey’s child support guidelines only regulate child support payments for parents with a combined net annual income ranging from $8,840 to $187,200. In most cases of a high net worth divorce, the parents’ joint net income exceeds $187,200, and their child support payments do not need to follow the child support guidelines and instead must meet the state’s minimum support awarding value.
With this opportunity, the parents can work together to determine a monthly payment amount for their children that works best for them. We suggest that parents use New Jersey’s Child Support Guidelines calculator as a baseline and then they can adjust the payment value as they see fit, making sure that the payment does fulfill the minimum support value. After both parents agree on a value for monthly child support payments, the value will need to be approved by the court in a court order.
DeTommaso Law Group, LLC Child Support Attorneys
Our attorneys at DeTommaso Law Group, LLC understand that child support can be an important factor in your high net worth divorce. With our aggressive approach, we will advocate for the best possible child support payment for your children to help your family maintain their lifestyle following your divorce.
Are you pursuing a high net worth divorce? Schedule a consultation with our team by filling out our online contact form or calling us at (908) 274-3028 to learn more about how our strategic approach can help you reach your divorce goals.