With high-net-worth families, such calculations are often used as an initial guide for the court. Family expenses may be much higher than presumed amounts, with private school tuition, sports and lesson fees, nanny salaries, and vacation and camp expenses. Sometimes, the parents’ income levels are also substantially different, as with a high-earner and a stay-at-home parent. Without proper attention during the divorce, one parent could end up with an unreasonable financial burden—or face the difficult choice of sacrificing comforts to which a child may be accustomed.

Creating a child support plan

In every divorce with children, the court aims to ensure children see both parents and have a relationship with them, and child support plays an important role.

The parenting plan will determine physical and legal custody and visitation including summer and holidays. If parents are unable to reach an agreement, the court ultimately makes a plan based on the best interests of the children.

Parents also have the ability to create their own child support plan before the court makes a plan on their behalf. No matter how contentious the divorce, it is critical for high-earning families to collaborate at this stage in order to ensure the impact on the children is minimized as much as possible.

Prenuptial agreements have no bearing on child custody or child support.

Child support considerations for high-net-worth families

When creating a child support plan, it is important to be as detailed as possible. Otherwise, you can end up trying to fund a lifestyle your children are accustomed to but that you cannot afford, or, conversely, wind up shouldering an unfair percentage of the financial burden. Here are few considerations families should keep in mind:

• Tuition: While you cannot force your ex to keep paying private school tuition forever, you can provision for educational expenses during your divorce. If your kids are accustomed to their private school and have thrived there, this is an important consideration.
• College: The court will not impose child support beyond age 18 or past high school graduation, so parents expecting to share the financial responsibility of college tuition and expenses should plan ahead. Parents can agree that child support will continue through college or decide how their expenses will be paid.
• Childcare and activities: For younger children, parents will need to discuss nanny or au pair salaries or preschool costs. As children grow, sports fees and the cost of lessons and tutoring must also be considered.
• Travel and experiences: If the children are accustomed to travel or if parents live far away from each other, parents need to decide who will pay for these experiences and travel expenses.
• Medical expenses: Like all families, parents will have to consider how to pay for their children’s uncovered medical expenses, especially if a child has special needs or other known costs.

Child support modifications are possible after a time as needs or resources change. Remarriage or sudden job loss will also open up the possibility of a change. The court will view parents who try to purposefully decrease their income in order to pay lower child support unfavorably.

Schedule your consultation today with an Atlanta family lawyer 

Determining child support can be complex for high-net-worth families. The divorce attorneys at Marple Family Law have years of experience working with clients who have complicated family expenses. We can help you move through the process in a way that’s least disruptive to the kids involved. Contact us today to schedule a consultation to move your divorce forward as efficiently and effectively as possible.

Whether it is a divorce or other family law matter, we will start with obtaining background information about your marriage, such as the date of your marriage, name(s) and age(s) of your child(ren), employment history, earnings history, and the composition of the marital estate (e.g., assets and liabilities), including any property that you had at the time of the marriage or acquired during the marriage by inheritance, third-party gift, or personal injury settlement. During this initial information gathering time, it is important to point out any special circumstances that effect you, your spouse, and/or any of your children, such as any medical, physical, or developmental limitations.

Please know that all conversations with our attorneys are confidential and privileged under Georgia law. It is crucial that you are completely open and honest in discussing all aspects of your marriage with us so that we can assess the facts of your case and how Georgia law may apply to your situation. We need to know the good, the bad, and the ugly about your spouse and you. Even if it is bad fact against you, we need to know this information so we can help protect you against it. It is imperative that we are not blindsided by it at a deposition or trial, so we have time to work with you in crafting an appropriate response and strategy to address the unfavorable issue.

It is often helpful to bring pertinent documents to the initial consultation. If it is a divorce consultation, then it is helpful to bring materials related to income (e.g., recent tax returns, current paystubs, etc.), assets (e.g., bank accounts, investment accounts, retirement accounts, real estate, business interests, trusts, vehicles, college savings accounts, etc.), and liabilities (e.g., credit cards, loans, etc.). Please also bring any Prenuptial or Postnuptial Agreements, including any attachments thereto such as financial statements or tax returns.

If it is a custody and/or support modification consultation, then please also bring prior court orders and key pleadings from those cases, such as any parenting plans, settlement agreements, and/or child support worksheets.

If you have been served, then please bring all pleadings that you were provided and be prepared to tell us when and how you were served, which is important in determining response deadlines.

Please come with a list of questions or concerns about your situation. We are here to help you and make you feel comfortable with the process. That being said, every case is different and what you find on the internet may not be applicable to your case for a variety of reasons that we will explore during the consultation.

Finally, you can expect the appointment to last approximately an hour, though it can last longer with complex issues. You will experience the patience and understanding of our experienced attorneys during your consultation. Please contact us at 770-884-4000 or visit our website at marplefamilylaw.com to schedule a consultation.