As a high-net individual, you may face unique challenges in your divorce. The main challenge that you may think of is how your high-value assets will be divided. But another challenge to consider is how much you must pay in child support. With this, there is a likelihood that you must pay more than what you originally expected. Read on to discover how much more high-net individuals must pay in child support and how one of the seasoned Hudson County child support attorneys at Greenberg & Walden, LLC, can work on your behalf to negotiate a fair price.
How much more do high-net individuals pay in child support?
If you and your spouse are both high-net individuals, and you have a combined net income of more than $187,200 per year, then you will likely be ordered to child support payments that are higher than average. This is in accordance with the New Jersey Child Support Guidelines.
This will especially be the case if you are the only high-net individual in the relationship. That is, for example, if you earn more than $130,000 per year and your spouse only earns $50,000 per year. Other financial matters that may be evaluated include your and your spouse’s assets, liabilities, and overall earning capabilities.
What other factors will determine my child support payments?
Notably, your yearly net income may not be the end-all-be-all for how your child support payments are determined. Sometimes, the court will consider factors aside from what is established in the New Jersey Child Support Guidelines. Such factors may include, but may not be limited to, the following:
- The child custody agreement that the court has ordered.
- The standard of living that your child grew accustomed to when you and your spouse were married.
- The needs of your child (i.e., any special needs, medical needs, educational needs, etc).
- The age and health of your child.
- The age and health of you and your spouse.
- Whether you or your spouse have other child support agreements for children from a previous marriage.
How can I modify my child support payments?
To argue for a fair order for child support, you may use one of the following defenses, if applicable:
- Your financial situation has changed and you are no longer considered a high-net individual.
- The order for child support does not maintain the quality of life that you established for your child when you and your spouse were married, but rather it exceeds it.
- Your child can become legally emancipated in the state of New Jersey, as they:
- Are older than the legal emancipation age of 19.
- Have graduated from high school;
- Are capable of working; and
- Do not wish to pursue higher education.
Rest assured, one of the competent Hudson County family law attorneys is willing to step in and come to your defense. We will fight for an order that is fair and just, so give us a call today.