Divorce, especially a high net worth divorce, can be very contentious. With so much in assets and income to share, it can be a challenge figuring out what is fair and how marital assets should be divided. Child support too can be a major cause of conflict during high net worth divorce cases. After all, the biggest financial consideration after asset division is usually child support payments.
Every state has guidelines for determining how child support is paid either by statute or case law. Upon divorce, parents will be required to contribute child support until the child in question reaches adulthood. As such, it is important that you know what you can expect when determining high net worth child support in North Carolina.
Understanding North Carolina child support guidelines
The North Carolina Child Support Guidelines provide a roadmap for setting the child support amount in cases where the parents’ combined income is $300,000 per annum or less. Most child support cases tend to fall within these guidelines.
However, in child support cases where the combined income is higher than $300,000, the amount of child support contribution is determined on a case-by-case basis. In cases where the combined income is greater than $300,000, the North Carolina Child Support Guidelines require the court to set an amount that would meet the needs of the child’s education, health and maintenance. This amount must take into account the child’s accustomed living standards.
Child support ruling in high net worth divorces generally focuses on the child’s needs and expenses as well as the parental income. The parent seeking child support during a high net worth divorce in North Carolina will be directed to submit a copy of their financial affidavit in court. The affidavit must outline their income and expenses as well as the child’s expenses. The supporting parent is also required to submit a financial affidavit in court. The court then sets the child support amount based on the provided affidavits.
Child support tends to be one of the most contested subjects during a high net worth divorce. Understanding North Carolina child support laws can help you reach an amicable settlement and ensure that you provide your child the best support possible.