Determining child support during divorce proceedings in Illinois is typically fairly straightforward, since the state has established a formula for child support guidelines. However, for very high-income parents, this formula sometimes turns out not to be the best tool for determining appropriate support.
High-asset and high-income divorces can be much more complex than divorces for more standard-income families, and this goes for determining child support, as well as other matters, like asset-division and spousal support.
If you are a high-income family member going through divorce proceedings, you will want to work with an experienced family law attorney in the DuPage County area who is familiar with when the support guidelines under Illinois law may not be right for high-income families, and how more appropriate child support can be determined.
When Child Support Becomes an Unfair Windfall
When the parent paying child support has an income level that is disproportionately high - or many high-value assets - this often provides so much support that it creates an unfair windfall for the non-paying parent. Because this is not the purpose of child support guidelines in Illinois, the judge may take such a disparity into account when determining the child support amount. If you already have a child support order in place and believe it is unfair, your child support attorney in Illinois can request a modification.
When Even a High Level of Child Support Does Not Provide the Life to which the Child was Accustomed
For some high-income families, even a level of child support that is much higher than what some moderate-income families might agree upon under the state guidelines cannot provide for the same standard of living the child was experiencing when the parents were married. Parents whose children go to very expensive private schools or boarding schools, attend costly summer camps, pursue a highly competitive sport or hobby, travel abroad, or spend time at vacation homes in pricey areas may wish for their high-asset divorce attorney to seek an increase in child support in order to maintain some consistency for the children.
Consult an Experienced Family Law Attorney in Illinois
An increase in the child support amount may make the difference in whether the children are able to stay at their school, preserve their established relationships with peers, coaches, and teachers, or continue to pursue valued sports, activities or hobbies - all crucial for providing stability during a time of so much upheaval related to the divorce.
At the same time, when one parent receives a substantial windfall from child support simply because the other party's income is quite high, this defeats the purpose of the child support order and can be a source of contention between parties at a time when they are trying to reach agreement.
Our experienced DuPage County child support attorneys have worked with many families of significant wealth and can help you make sure your children receive support that is both necessary and fair. Reach out to us today.