More Money Means Higher Payments?
Regardless of whether or not your divorce is high-asset, child support is a common factor in just about every divorce. What child support payments look like, however, can vary depending on a variety of factors, namely parental income. What could child support look like in a divorce involving a higher number of assets and net worth?
Calculating Georgia Child Support
Georgia uses the “Income Shares Model” when determining child support payments in a divorce. This model works like this:
Take the combined gross income of both parents.
Using that gross income, calculate the basic child support obligation of each parent.
Make adjustments for items such as childcare and healthcare costs.
Factor in the amount of time each parent has with the child.
While a very basic run-through of a more complicated calculation, this gives a basic idea of how child support is calculated.
The Role of Income
Perhaps the primary factor in determining a child support obligation is the adjusted monthly gross income of each parent. This amount is tied to the basic child support obligation table; when combining income and determining the obligation for a specific number of children, you then calculate the percentage of the total income that each parent is responsible for and multiply those two together to determine each parent’s share. For example, if one parent is responsible for 70% of the total gross income, then after determining the basic support obligation for that combined income level, that parent would be responsible for 70% of that obligation.
One can then reasonably assume that a higher level of income could mean a higher child support obligation when the divorce is finalized. This statement might vary depending on the unique circumstances of each case. Parents going through a high-asset divorce should be aware of the implications that their lifestyle could have on their child support obligations.
Understanding Your Options with a High-Asset Divorce Attorney
Working with a high-asset divorce attorney can help you gain a greater understanding of your child support obligation as well as other important issues surrounding these complex divorces. At Harmon Caldwell, our team understands the various issues involved in high-asset divorce cases. We work with clients to navigate these challenging times while protecting their rights and their assets along the way.
To learn more about high-asset divorce or to speak with an attorney, call us at (404) 882-7263 or visit us online.