High Net Worth Divorce In Florida: What To Know About Child Support
For parents of young children or teenagers who are getting divorced in Florida, child support can be one of the most complicated and contentious issues. Notably, determining the appropriate amount of child support can be especially difficult for high asset/high income couples. Here, our Tampa high net worth divorce attorney explains key issues to understand about child support in Florida.
Florida has Guidelines for Child Support
First and foremost, it is crucial that all divorcing/separating parents in Florida know that the state has predetermined guidelines to calculate child support. Florida Statutes § 61.30 “presumptively establishes the amount the trier of fact must order as child support.” In other words, the child support guidelines are presumed to be applicable to any case in Florida. The Florida child support guidelines consider the income of both parents and the number of children being supported.
Note: In high-net-worth divorces, the application of Florida’s child support guidelines can be far more complex. When one or both parents have substantial income, multiple revenue streams, or significant assets, calculating child support may require forensic accounting and/or expert analysis.
Deviation from the Guidelines is Possible and More Likely in High Net Worth Divorce Cases
While Florida’s child support guidelines provide a baseline calculation, courts have discretion to deviate from these guidelines under certain circumstances. A key point for parents to understand is that deviation is much more common in high-net-worth divorces/separation. The reason is that the statutory guidelines do not always effectively address the financial realities of families with significant wealth. Indeed, Florida courts may order higher child support payments if they determine that strict application of the guidelines would be inadequate to meet the child’s needs.
Add-On Expenses May Be an Issue in Some Child Support Cases
In high-net-worth divorces, standard child support calculations may not cover all child-related expenses. The result may be that the court orders/allows additional support for the higher-earning parent. Common add-on expenses may include:
- Health-related costs;
- Private school tuition;
- Educational enrichment programs
- Extracurricular activities (sports, arts, music, etc); and
- Tutoring and academic coaching.
What is the Maximum Child Support in Florida? (No Statutory Cap)
Some states cap child support. Florida does not. There is no statutory cap on child support payments. That means that Florida allows for high-income earners to pay substantial child support if the court finds it justified. Still, the presumption is that the amount called for by the application of the standard child support guidelines will be appropriate.
Consult With Our Tampa High Net Worth Divorce Lawyer Today
At Faulkner Law Group, PLLC, our Tampa high-net worth divorce attorney is always prepared to go the extra mile for clients. If you have any questions about child support and high net worth divorce, we can help. Contact us today to arrange your strictly private, no obligation case review. From our legal office in Tampa, we provide high net worth divorce representation all across the wide region.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.30.html
