Child support negotiations in high net-worth divorces present unique situations that require an in-depth understand of the assets and lifestyle of the family. New York State law requires the couple to meet bare minimum standards of the Child Support Standards Act (CSSA), but this is the minimum amount of child support, which is usually not applicable to a high net-worth family. There are ways to opt out of the Child Support Standards Act and come to a determination of child support that is better suited to the family so that the children’s lives are disrupted as little as possible.
Child support includes:
- Health insurance or medical support for the child
- Payment for child care
- Payment for reasonable medical costs not covered by healthcare
- Cash payments based on the parent’s income and the child’s needs
- Educational and extra-curricular activity expenses
We counsel spouses to be completely transparent about assets so that the proper and fair amount of child support can be determined. Parents in New York State are required to submit a Statement of Net Worth to the court, listing all financial information including income, expenses, assets, property and any debt. Once the court receives and reviews this information, an amount is calculated based on the income and the number of children.
An experienced matrimonial attorney can guide you through this process and help you understand the New York State requirements and the process for paying and receiving child support.