A child support agreement is necessary to ensure that a child does not get financially impacted by their parents’ divorce. The New Jersey courts typically use a formula to determine how much a spouse must pay in child support. However, this amount may be skewed in one or both spouses are high-net individuals. Follow along to find out how much you may have to pay in child support as a high-net individual and how one of the proficient New Jersey child support attorneys at Haber Silver Russoniello & Dunn can navigate you through this.
As a high-net individual, how much do I have to pay in child support?
According to the New Jersey Child Support Guidelines, child support must be ordered if there is a combined net income greater than $170 per week and less than $3,600 per week. This translates to anywhere between $8,840 to $187,200 per year.
However, if the combined net income exceeds $3,600 per week or $187,200 per year, then the New Jersey court may add a discretionary amount on top of the set child support payment. This discretionary amount may be based upon many financial factors, such as your and your spouse’s assets, liabilities, earning abilities, and overall economic circumstances.
What other considerations are there for my child support payments?
The New Jersey court will put into consideration any factor that they deem as relevant for child support payments. These factors do not necessarily have to be financial in nature. Rather, they are considered to have the child’s best interest in mind. Examples include, but are not limited to, the following:
- The child custody responsibilities that the New Jersey court has ordered.
- The family’s standard of living that you and your spouse have established.
- Your child’s educational needs and capacity.
- Your child’s age and health.
- Your child’s income, assets, and earning ability.
- Your and your spouse’s age and health.
- Your and your spouse’s already existing child support orders from previous marriages.
What are the grounds for a child support modification?
Understandably, financial circumstances may change from the time you received your child support order to the present. Say, for example, that you, unfortunately, become unemployed. This may be considered grounds to request a post-judgment modification of your child support order. This is dependent on the following factors:
- Whether you have a valid reason for loss of employment.
- Whether you have made a conscious effort to find new employment or alternative means of income.
- Whether you have been out of work for at least 90 days before requesting a post-judgment modification.
- Whether you have received any severance payments from your previous employer.
- Whether you are physically or mentally unable to obtain employment.
There are many other defenses you can take to argue for a fair child support order. For help with a legal strategy, hire one of the talented Morris County family law attorneys today.