Determining Child Support for High-Income Families in New Jersey
Children should never be the financial victims when their parents decide to divorce or dissolve their legal relationship.
When a high net-worth couple gets divorced in New Jersey and child support and child custody are an issue, the already complex process of dividing marital assets, complex property division, dividing retirement assets, dividing marital debt, dividing businesses, can be a bit overwhelming. The equitable division of assets alone can be one of the most complicated processes to deal with during a divorce.
At Jacobs Berger, LLC we understand just how important financial stability is to you and your children. By listening closely to all of your needs and concerns, and keeping you highly informed and involved throughout the legal process, we believe we can work together to achieve the results you need in your unique legal situation.
When Your Income Exceeds Child Support Guidelines in Tewksbury, NJ
New Jersey Child Support Guidelines bring a certain degree of predictability to the determination of child support awards for low and moderate-income earners. However, New Jersey’s child support calculations differ for low and high-income families. High-income child support comes with complications and require creative solutions. Under N.J.S.A. 2A:34-23, when income exceeds $187,200, the court can award supplementary awards based on the excess income.
High-income families in New Jersey will need to pay a percentage of their income to child support, but they also face the additional hardship of supplemental support, which as in Strahan v Strahan, 953 A. 2d 1219 – NJ: Appellate Div. 2008 seemed to have been done arbitrarily. Although the mother of the children was granted a $15 million divorce settlement, the supplemental support and needs of the children weren’t represented properly at the time.
At Jacobs Berger LLC, we see ourselves as architects of restructured family units. We organize the facts of your case and advocate effectively to protect the financial needs of yourself and your children.
If you are interested in obtaining an estimate of how much you can expect to pay or receive, as a part of your Morris County child support settlement, you can view the NJChildSupport.Org guidelines calculator here.
A Child’s Reasonable Needs In Relation to Family Lifestyle in Randolph, NJ
Children have the right to be financially supported by both parents and if one or both parents are successful, the children have a right to share in that good fortune. Most judges rely on both detailed financial disclosures, Case Information Statements, and a qualitative assessment of what is truly important to the child’s well-being. Previous NJ Family Court rulings show that support awards in high-income situations must meet a child’s reasonable needs and reflect the family’s lifestyle or financial dynamic, without over-indulgence.
Child support awards in these high-income scenarios should not result in inappropriate and unexpected financial gain or prevent a parent from deciding the appropriate lifestyle of their child. In addition to the basic expenses for food, clothing, and shelter, the budget should consider the following things when appropriate:
- private school tuition
- daycare expenses
- summer camps
- music/art lessons
- student exchanges
- athletic training
- medical expenses
- home upgrades or renovations
- study abroad
- transportation if the child drives
- a family car and
- miscellaneous other items.
Our firm aims to resolve each of these matters in such a way that it not only avoids disrupting or causing stress to your day-to-day life during the divorce process but provides a healthy and stable foundation for you and your children to rebuild your lives after your divorce as well.
Main Factors For Determining Child Support in Madison, New Jersey
New Jersey laws are such that child support payments are calculated in a very precise manner. While there is not much room for negotiation in the total amount of child support that will need to be paid or received, there are a few different methods for actually making and receiving child support payments, and you and your Tewksbury child support attorney will need to negotiate for the arrangement that works best for you.
Child support, under New Jersey state law, is based on numerous factors, such as the:
- financial status of both parents including income, bonuses, overtime, commissions, and assets
- agreed-upon Child Custody and Parenting Time arrangement
- age and number of children in the family
- cost of childcare
- cost of health care for the children, including the cost of coverage and un-reimbursed expenses
- tax status of both parents, including deductions and filings, and
- if there is an existing child support obligation from a previous marriage.
When Will My Child Support Obligations in Morristown, NJ end?
As a result of the NJ, Child Support Law Change outlined in S-1046/A-2721, all child support obligations now automatically terminate when the child reaches the age of 19, unless the parents specify otherwise in their child support agreement. This also true for child support agreements signed before this date, so if you are concerned about a previously agreed-upon child support settlement ending when your child turns 19, you should view our child support modifications page for more information.
Contact Our Morristown Child Support Attorneys Today
At The Law Offices of Jacobs Berger, our family law attorneys represent clients in all aspects of family law, including high-income child support cases. If you reside in Florham Park, Tewksbury, Randolph, Morristown, across Morris County or the surrounding areas, please contact our office to explore along with our attorneys the options that best work for your particular case.
For a strategic planning session, please check the online form or through our Morristown offices by dialing (973) 710-4366 today regarding your divorce, child custody, child support, alimony, or any other family law-related matter.