Any couple ending their marriage faces various concerns, especially when it comes to raising kids and dealing with financial issues. For those working through a high-asset divorce, this is especially true. In fact, there are many reasons why the financial demands associated with raising a child (and the child support obligations one faces) are especially significant for couples who have a high net worth when they bring their marriage to an end.
If you are working through a high-asset divorce, make sure you have a clear understanding of your rights and different legal options to protect your finances and your child’s best interests.
Your child’s needs
Whether you are a custodial or non-custodial parent, it is imperative to focus on your child’s needs. When it comes to high-asset divorce, many children have financially demanding lifestyles. For example, kids often attend more costly schools, wear expensive clothes, travel frequently and have financially demanding hobbies. As a result, the child support obligations a parent has are often greater. In some cases, parents become unable to continue paying child support because of changes in their lives.
It is vital for parents to stay current on the child support they owe. Those with a high net worth often have to pay a lot in terms of child support or alimony, and there are times when they lose the ability to make payments. If you become unable to continue paying child support, you need to look into your options, such as modifying your child support order. Our website goes over many other issues related to child support.