Overall, wealthy individuals are on a higher playing field when it comes to divorce proceedings. This is because there are more assets on the line to be divided, given in spousal support, or given in child support. If you are a wealthy individual, continue reading to learn how your child support payments will be determined and how one of the experienced New York City child support attorneys at Zimmet Law Group, P.C., can walk you through this.
How much is child support for wealthy individuals?
Notably, New York’s Child Support Standards Act is a formula used by the family courts to equitably calculate a base amount of child support that a supporting spouse should be ordered to. This act is based on the assumption that your and your spouse’s combined incomes are no more than $148,000 per year.
However, if your combined incomes are above this cap, especially if you earn significantly more than your spouse, then the family court may use its discretion in ruling beyond this act. That is, they may include add-on payments to your child support order. Such add-ons are additional expenses that your child may require support with, and examples are as follows:
- Your child’s health insurance or unreimbursed medical expenses.
- Your child’s educational expenses.
- Your child’s extracurricular activities.
- Your child’s camp or therapy expenses.
- Childcare expenses, if your spouse is a working parent.
How else will the New York court determine child support?
In addition, the New York family court may look at other factors besides your and your spouse’s finances. Instead, they will look at any factor that works towards putting your child’s best interest first, and examples are as follows:
- Your child’s standard of living that they grew accustomed to.
- Your child’s financial resources.
- Your child’s physical and mental health.
- Your child’s needs.
- Your child’s age and health.
- Your and your spouse’s age and health.
- Your and your spouse’s non-monetary contributions to your child.
How can I reduce or terminate my child support order?
If you believe that your child support order is unfair and/or unreasonable, then you may fight to reduce or terminate it by filing a post-judgment modification. However, you must have a valid reason for filing this petition, and examples are as follows:
- Your financial circumstances have changed and you are no longer a wealthy individual.
- Your child support order exceeds what you would have spent on your child while you were married, in an effort not to spoil them.
- Your child is eligible for emancipation:
- They are 21 years of age or older.
- They are financially independent.
- They finished or forwent higher education, and they are capable of working.
For more information, you should consult with one of the skilled New York City divorce attorneys.