The goal of Florida child support laws is to make sure children receive the financial support necessary to maintain their standard of living. For children of high-income families, there are some additional factors the court considers when setting an amount of child support.
Florida generally follows a standard formula to calculate child support. This formula uses both parents’ incomes. When the parents’ combined incomes exceed certain guidelines, the court can deviate from the standard formula. The current income guidelines allow deviation when combined monthly income is $10,000 or more per month.
Courts use specific factors when determining an adjusted amount
Calculating child support often involves distinctive considerations and nuances for high-income earners. Some factors courts consider include educational costs, healthcare expenses and any extracurricular activities the child is involved in.
For example, a child with high-income parents may attend a private school that requires tuition payments or have a college fund that both parents regularly contribute to. They might be involved in various extracurricular activities such as sports or art programs.
Overall, the court considers the child’s specific needs, lifestyle they are accustomed to and any extraordinary expenses when calculating an adjusted amount.
This could leave you worried that a child support payment could cause you financial hardship, even with your high income. However, child support is typically calculated at an amount that is fair to both parents that still maintains a child’s standard of living.
This is particularly true if your income fluctuates, such as if you regularly receive bonuses or manage a complex investment portfolio. Therefore, proper planning and strategy is important.
Child support can address long-term goals
In addition to calculating a monthly support amount, you may want to address more complex issues in your child support arrangement, such as including provisions for college savings, trust funds or your child’s long-term financial future.
Having proper advice is necessary in high-income child support matters. With the right strategy, you can protect your rights and your child’s best interests at the same time.
