How Does Child Support Work in a High Net Worth Divorce Case in Florida?
Are you a parent of kids or teenagers who is preparing for a divorce? Child support will be a key issue in your case. Child support is a financial payment made by one parent to the other to contribute to the costs of raising their child after a divorce/separation. Florida has child support guidelines. However, these guidelines can be deviated from when warranted—and that is often an issue in high net worth divorce cases. Here, our Boca Raton high net worth divorce attorney explains the key points that high asset couples should know about child support.
Understanding How Child Support is Calculated in Florida
The Florida Department of Revenue explains that child support in the state is calculated based on the combined income of both parents and the number of children involved. There are pre-established child support guidelines in place that consider several factors, including:
- Each parent’s gross income;
- Allowable deductions (such as taxes and health insurance); and
- The time each parent spends with the child.
Florida Courts Can Deviate from the Child Support Guidelines
Under Florida law (Florida Statutes § 61.30 (11)(a)(8)), a court can deviate from the state’s child support guidelines based on the “total available assets of the obligee, obligor, and the child.” In other words, a Florida court can review the financial circumstances of a divorcing couple and determine that our state’s child support guidelines—which are based primarily on income—do not apply well to their specific financial circumstances. Courts can make adjustments as needed to ensure that child support is equitable and that any award reflects the standard of living the child would have enjoyed if the parents had stayed together.
Additional Child-Related Expenses May Also Be an Issue for High Asset Couples
Additional expenses like childcare, medical care, and education can be factored into the calculation. If the child has unusually high expenses related to any of these areas, then child support can be adjusted accordingly. For example, imagine a divorcing couple has two kids in private school in Broward County. Those private school costs can be factored into overall child support.
Is There a Maximum Monthly Child Support in Florida?
Some states have effect caps on monthly child support. However, Florida is not one of these jurisdictions. There is no strict “maximum” child support figure in Florida. Instead, the law uses a guidelines approach that scales with the parents’ income. Once a certain income threshold is reached, courts have the flexibility to award additional support if circumstances warrant it.
Contact Our Boca Raton, FL High Net Worth Divorce Lawyer Today
At Williams & Varsegi, LLC, our Boca Raton divorce attorneys have the experience to handle all types of high net worth divorce cases. If you have any specific questions about child support, we are here to help. Contact our family team today for a completely confidential case review. With an office in Boca Raton, we handle high net worth divorce cases throughout Southeast Florida.
Source:
floridarevenue.com/childsupport/child_support_amounts/Pages/child_support_amounts.aspx
