High Net Worth And FL Child Support
High net worth is a term used to describe individuals, couples, and extended families with a lot of resources. That said, there is not a set definition. Generally, if you are moving forward with a Florida divorce and your marital resources include liquid assets of over a million, your divorce will likely be deemed a high worth divorce situation. Liquid assets are the marital assets after liabilities are subtracted. Liabilities could include mortgages, loans, and other debts.
While there are circumstances when divisions are simple, many Florida high net worth divorces are complicated. This is because when there are a lot of resources there can be ongoing arguments on how to settle matters fairly for all involved. Also, there are individuals who want to receive support payments, either spousal maintenance or child support. Asset distribution needs to be carefully determined, talk to a Tampa family law attorney to learn what is possible given the details of your case.
Taking the Interests of the Kids Into Account
When it comes to child support payments, the divorce agreement will include them if it is necessary to support the kids and provide for them. For high net worth couples, this could include expenses for lifestyles upkeep as well, including extracurricular fees and private school tuition.
For instance, child support funds could fund:
- Mortgage bills or rent payments
- Medical expenses and health insurance coverage
- Education payments, such as tuition and tutoring
- Fees for extracurriculars, including sports and music lessons
- Summer camps and other expenses
It is possible payments will be connected to maintaining a lifestyle which the paying parent disputes. High incomes can lead to high spousal maintenance payments and child support awards.
Agreements Reduce Surprises
Landing on an agreement through negotiation, including support payment amounts and the schedule of payments, is often best as the couple will have less control of final outcomes if a case goes to court. Sometimes it is best to negotiate and fight for your main objectives and let other matters go rather than be surprised and disappointed by a judge’s decision. There have been parents who have gone to court for a certain child support payment amount and were stunned by how low the judge’s award was given other aspects of asset distribution.
Whether court, arbitration, mediation, or negotiation is an optimal path for you is something you can discuss with your Tampa family law attorney. There are additional issues that come with high net worth divorces, having your own lawyer means your interests will be protected. If your spouse says you should share a lawyer, talk to your own attorney before agreeing to that arrangement.
Do you fear child support will not be possible because of your high net worth? Every situation needs to be individually addressed in order to determine the best path forward. To work through what outcome might be possible for you, connect with the legal team at HD Law Partners. Our skilled attorneys will listen closely to your hopes for the future and work to make those a reality. To get started, call 813-964-7878 to schedule a free consultation.