How Is Child Support Calculated for High-Income Parents?
Although most parents have their child’s best interest at heart, child support can nevertheless be a source of great contention during divorce. For most divorcing parents in Illinois, child support is calculated using a predetermined formula that uses both parents’ incomes to determine payment amounts, giving parents some measure of predictability.
But for high-income parents whose earnings deviate from the standard formulas for calculating child support, the child support process can be somewhat unpredictable because judges have substantial leeway in setting payment amounts. If you are a wealthy, high-income, or high-net-worth parent in Illinois and expect to be paying child support in the future, understanding how Illinois family law courts tend to treat high-income child support cases may make the process more straightforward.
Illinois Courts Can Deviate From State Child Support Guidelines
Illinois uses a model known as the “income shares” method when calculating child support payments. The income shares model uses both parents’ incomes and how much time they spend with the child to determine which parent makes payments and how much payments will be. For most parents, this is a fairly straightforward process of plugging in numbers and then making allowances for any extra expenses a child may have.
But when one or both parents have large incomes, adhering to the income shares formula may produce payments far in excess of a child’s reasonable needs. In cases like this, judges can deviate from the income shares guidelines to make payments more reasonable. Judges are primarily concerned with making sure a child’s needs are met and will consider the following factors when setting payments:
- Each parent’s income, as well as other financial resources like bonuses and savings
- Each parent’s financial needs
- Whether following the income shares method would generate a financial “windfall” for the parent with majority parenting time (since the intention is to support a child, not to provide additional money for the other parent)
- The child’s needs, including any supplemental medical or educational resources he or she requires
- The standard of living the child would have experienced if the parents had stayed together
Speak with a St. Charles Child Support Lawyer
Calculating child support payments with high-net-worth parents can be a complex endeavor, but having the help of an experienced Kane County child support attorney with Shaw Sanders, P.C. may make the process easier. We will advocate passionately for the best interests of your child and ensure you get the maximum payments to which you are entitled. Call our offices today to schedule your free initial consultation and learn more about how we can help you. Contact us at 630-584-5550.