New Jersey High-Income Child Support
There are certain cases that are called high-income child support cases that deal with monetary assets and values that are above the state child support guidelines. If a couple makes beyond $187,200.00 a year, then they are considered above-guideline cases. In cases like these, calculating child support is more complicated than in many other cases. There are special rules regarding New Jersey high-income child support that take into account the reasonable needs of the children and what is fair. It is important that parents with significant assets and income consult with an experienced child support attorney because these altered guidelines may be difficult to navigate and the impact can be massive.
High-Value Child Support Evaluation Guidelines
The first element that a court will consider when determining child support payments for a wealthy couple is what is a reasonable amount of money to support their child. Then, these reasonable needs must be fairly and appropriately allocated between both parents. The ability of the parties to generate earned income in addition to unearned income must be addressed. Once a combined total income is calculated or accounted for, a percentage of responsibility for the child’s needs will be determined.
When determining reasonable needs, the first step is to determine what the child truly needs. In cases where one party believes that the child support agreement should be considered about the traditional guidelines, they are responsible for proving what the actual needs of the child are, what those expenses include, and why a different settlement is completely necessary.
The needs of the children also depend largely on the age of the child. The needs of an infant are going to be distinctly different from a teenage child. If a kid is accustomed to a certain lifestyle or has had private education, then maintaining their stability and quality of life will be a concern when calculating fair high-income child support in New Jersey.
Balancing Parental Values and Monetary Value
When looking into the needs of a child, parents to balance the child’s entitlement to sharing in a parent’s good fortune, while not depriving either parent of their right to participate in the child’s development and values. Just because a parent can afford anything does not mean that the children are entitled to everything. Both parents have a right to determine what thing their child should have and what activities they should participate in. While one parent might be happy to buy a young child an expensive cellphone, it does not mean that both parents agree with that purchase. This all must be accounted for when deciding on a child support arrangement.
Generally, the person seeking the support order would provide the budget of the case. When dealing with financial issues, we submit what’s called a case information statement that covers assets, liability, and monthly expenses. It is essential that these case information statements differentiate familial expenses from the child’s interests. Child support payments are meant to help cover the cost of maintaining a child’s expected lifestyle, but they are not meant to subsidize the family’s life.
An Attorney Could Help with High-Income Child Support Issues
When there is a higher income and there are significantly higher assets involved, it is all the more important to get strong legal representation. There was a landmark case in New Jersey that created the Three Pony Rule. This rule states that no child, no matter how wealthy the parents are, needs to be provided with more than three ponies. While this may seem comical, the purpose is to show that there are limits to what a child should receive and whether it should be funded by child support. To learn more about New Jersey high-income child support and how a lawyer could help you, call today.