How Can Having a High Net Worth Affect Child Support in Florida?

When a couple makes the difficult decision to split up or divorce, it can present several complex issues, especially if minor children are involved. The state of Florida requires both parents, regardless of whether or not they have been married, to care for their children and, in cases of non-custodial parents, pay some kind of child support.

Each state has individual guidelines for calculating child support. In the state of Florida, there is a specific formula used to determine how much parents are required to pay. Although this may seem fairly simple and straightforward, that is not always the case.

How Is Child Support Calculated in Florida?

Generally, the formula will consider a variety of factors to determine child support, including:

  • Each parents net monthly income
  • How many overnights each parent will have with the child
  • The cost of the child’s health insurance (the parent paying for the health insurance also gets a credit)
  • Whether or not a parent receives alimony from a previous marriage
  • Whether or not a parent is already paying child support related to a previous marriage or relationship
  • Other costs of living for the child, including educational and extra-curricular expenses

It’s important to note that the most significant factor in calculating child support is the parents’ income. While some states only consider the income of the non-custodial parent, the state of Florida evaluates both parents’ combined net incomes.

Can Child Support Be Set Higher or Lower than the Guidelines?

Under certain circumstances, child support may be set higher or lower than the state guidelines, including cases involving parents with high net worth.

If the non-custodial (paying) parent has a high income, significant assets or receives other compensation like employer-funded housing, a court may elect to order a child support payment that exceeds the state guidelines.

A judge may also elect to reduce support payments in situations where a non-custodial parent has a high net worth. This commonly occurs when a parent has such a high income that the support amount would exceed the child’s needs or regular expenses.

If you are a high net worth individual who is currently experiencing issues related to child support, it is in your best interest to seek the guidance of an attorney specializing in such matters as soon as possible.

Attorneys Specializing in High-Income Child Support Cases

In Tampa and the surrounding communities in Florida, the legal representatives at Anton Family Law Group have the experience and legal acumen necessary when dealing with complex family matters, including those related to child support payments.

From establishing a support order to enforcing one issued by the court, our attorneys can work closely with your family to ensure that everyone, especially any children, are taken care of.

For more information regarding child support in Florida, or to schedule an initial consultation with one of our attorneys, contact the legal team at Anton Family Law Group at (813) 443-5249.