How is child support calculated in a high-asset divorce?

On Behalf of | Aug 31, 2022 | High-asset Divorce |

Child support is one of the most important aspects of an Ohio divorce. It strives to ensure the child’s best interests are served and they have everything they need for a positive life after the complex and difficult upheaval of divorce. For people who are well off, earn a good income and are in a high-asset divorce, the conventional way child support is calculated might not apply. For cases in which there is a deviation from the guidelines, it is important to understand the law.

What if annual income differs from the basic support schedule?

In circumstances where the parents’ combined income goes beyond the maximum amount that is listed on the basic child support schedule, the court will not have a baseline to decide how much will be paid. Instead, it will make its determination based on the facts of the case. For example, an extremely wealthy business owner will likely pay more than someone who is less wealthy, even if they still make a relatively good living.

Another factor is the needs of the child and the parents. The amount will be at least what it would be if the court was using the guidelines. Since the parents are high-income, it will be higher. Its objective will be to make sure the child’s needs are met and the standard of living from what it was during the marriage will be maintained.

The court will make its determination based on these facts and its findings. As stated earlier, the key factor will be the child’s best interests. As with any court decision, it tries to achieve fairness. If an award is not deemed to be fair, then it will need to be adjusted accordingly.

Having professional assistance can be key with high-asset divorce cases

Those who are fortunate enough to have wealth will still face obstacles and concerns as their divorce case proceeds. Part of that is deciding how much the child support order will be. In these cases, both sides should remember their rights and have a grasp on the law for their specific situation.

Among the factors are income, how many children there are, health care expenses, extracurricular activities, if there is tuition for special or private schools, and more. Consulting with professionals experienced in high-asset family law cases can help with being protected from the beginning and reaching an acceptable result.