Child Support and High-Net-Worth Parents
Wealthy individuals do not always play by the same rules as everyone else. In many cases, they are given certain freedoms and privileges that others do not enjoy. In other situations, however, affluent individuals are actually held to higher standards. A prime example of this is child support. After a divorce, a wealthy parent may be required to pay much more than the average spouse in a typical New Jersey divorce. The normal rules may not apply, and this is not always beneficial for parents who are earning considerable sums of money each year.
If you are a high-net-worth individual, it is always important to work with an experienced family law attorney in New Jersey. We can help you with many aspects of your divorce, including child support. Even though you may be earning a high income, you should not be faced with excessive child support payments. We can help you limit these payments and make them a little more realistic. On the other hand, our divorce attorneys in New Jersey can also help you hold a high-net-worth spouse accountable if they are not willing to pay their fair share in child support.
When the Rules Change in New Jersey
According to New Jersey law, whenever the combined net income of both parents exceeds $187,200 per year, the courts are allowed to give the receiving spouse a supplementary award based on this income disparity. In other words, if one spouse is earning a considerable amount of money each year, courts may give the other spouse much more child support than they normally would.
A Notable Case in New Jersey
A notable child support dispute occurred in New Jersey back in 2008. This case involved the parents of twin girls. One of these parents was a football player in the NFL, and his income alone was much higher than $187,200 per year. After a trial, the father was ordered to pay a rather “normal” amount of $34,984 per year in child support. However, the court had the freedom to provide the receiving spouse with an additional, supplemental award based on the aforementioned child support guidelines in Mississippi. The court chose to award the receiving spouse an additional $200,000 per year in child support based on the additional needs of the children, who were assumedly accustomed to an extremely high standard of living.
However, the father successfully appealed the decision, essentially claiming that the court had made a mistake when calculating this child support. The Appellate Court then reversed the decision, stating that this arbitrary award of $200,000 did not really serve the children’s best interests. One of the reasons behind this decision was the fact that it infringed on the right of either parent to develop an “appropriate value system” for the child. In other words, the wealthy parent in this case might not have chosen to spend $200,000 per year on his children if the marriage had continued, since this may have “spoiled” them.
Enlist the Help of a Qualified Attorney Today
If you have been searching the New Jersey area for a qualified, experienced family law attorney, look no further than Giro, LLP, Attorneys at Law. We have helped numerous parents in New Jersey pursue realistic, equitable child support arrangements. Although you may be held to different standards as a wealthy individual, this does not mean that child support payments should be excessive. On the other hand, you are entitled to your fair share as a receiving spouse. Whatever your priorities and goals might be, we can help you strive for a favorable legal outcome. Book your consultation today.