Child Support In High Income Families
When children are involved in a Florida divorce, one of the biggest considerations is the determination of their child support needs. This question can become more complicated for high net worth families and requires the experience of a Florida divorce attorney who has a history of handling high income cases. At the Law Offices of David L. Hirschberg, our knowledgeable Boca Raton divorce lawyers are prepared to assist in your child support case. To learn more, call or contact our office today.
How is Child Support Calculated?
Florida statutes provide instruction on how child support should be calculated in a paternity or divorce case. Generally speaking, the court considers each parent’s monthly income, the physical custody arrangement between the parents (i.e., timesharing), which parent is covering the child’s health insurance costs, whether or not either parent is receiving alimony or paying child support from a previous relationship, and any other costs of living for the child. Unlike some other states, Florida child support calculations consider the combined amount of both parents’ incomes, not just the non-custodial parent. Using this information and the calculations provided by state law, the court will determine the proper level of child support.
The Effects of a High Income on Child Support
However, in high income cases the calculation of child support is not as straightforward. The calculation tables for child support only go to a certain point, and the law provides that when the parents’ combined monthly income exceeds the support tables, the child support obligation is the minimum amount of support provided by the guidelines plus an additional amount. The additional amount is calculated by taking the overage and multiplying it by a percentage based on the number of children involved in the case. Examples of these percentages include the following:
- One child = 5 percent
- Two children = 7.5 percent
- Three children = 9.5 percent
- Four children = 11 percent, and so on.
However, the court also has the latitude in high income cases to adjust the amount of support, either higher or lower than the calculated amount. In some cases, if the amount of child support does not accurately reflect what is required to maintain the child’s standard of living and cover their expenses, the amount may be increased. Conversely, if the calculated amount far exceeds the support necessary to cover the child’s expenses, the court may elect to lower the support payment for a more reasonable amount. An experienced attorney can make the case that is in the best interest of you and your child. To learn more about how your child support payment may be affected by one or both parents with a high net worth, talk to our office today.
Talk to Our Office Now
At the Law Offices of David L. Hirschberg, our dedicated legal professionals are prepared to assist with your high net worth child support case and any other matter that may arise during your divorce. To learn more, call or contact our office in Boca Raton today to schedule a consultation.