Child support disputes can be a contentious issue in any divorce, but they can become even more complex in high-asset divorces. A high-asset divorce involves significant financial assets, and disputes can be more intense since child support is based on the parents’ income and the child’s needs, among other factors. If you are facing a high-asset divorce, what could be the usual causes of child support disputes?
The actual cost of raising your child
The actual cost of raising your child in a high-income lifestyle can be a major point of contention. This cost can be significantly higher due to your child’s accustomed standard of living. This may include expenses for private school, extracurricular activities, travel, luxury items and vacation homes.
Hidden assets
In addition, high-asset individuals can have complex financial situations and may hide assets. By hiring a forensic accountant, you may be able to uncover if your spouse has hidden assets, which can lead to disputes on child support calculations.
Inconsistent lifestyles
Further, differences in spending habits and lifestyles between you and your spouse can lead to child support disputes. When you are used to a certain level of luxury, you may expect your child to be provided for in a similar manner. This can create conflict if you feel that your spouse is not providing a consistent standard of living.
Ways to manage your financial situation
Therefore, it is vital to create a realistic budget that accounts for your child’s expenses and lifestyle. Aside from working with a forensic accountant, you may also consult with a financial adviser or business valuator to help you manage the financial situation of your divorce.
Making informed decisions about your child’s future
Child support disputes in your high-asset divorce can be highly emotional. By seeking legal guidance, you may better navigate the complexities of your divorce and pursue a fair outcome for your child. Also, having legal counsel may help you protect your rights and make informed decisions about your child’s future.