In high asset divorces, child support is often a spot of significant contention. You love your children, no doubt. But you may worry that your spouse will make unfair support demands given your income. Considering your financial circumstances, it’s important to protect your resources while also making sure your children survive and thrive.
Texas’ child support laws
When Texas courts calculate child support payments, they consider your earnings and assets on a broad scale. Beyond your salary, they will factor in other income streams as part of your net monthly resources. These may include:
- Capital gains
- Dividend income
- Interest income
- Trust income
You will pay a percentage of your net monthly resources toward child support based on the number of children you and your spouse have. State guidelines require you to provide:
- 20% of your net monthly income as support if you have one child
- 25% of your net monthly income as support if you have two children
- 30% of your net monthly income as support if you have three children
- 35% of your net monthly income as support if you have four children
- 40% of your net monthly income as support if you have five children
- 40% or more of your net monthly income as support if you have six or more children
Special considerations for high asset parents
The maximum amount of monthly child support a parent can provide in Texas is $9,200. Yet, in your high asset divorce, the judge may deviate from these guidelines based on your income and your children’s needs. You may have been your household’s primary earner, and the loss of your income would cause severe strain on your children’s lifestyle. In this case, your support obligation could exceed the state’s maximum. Furthermore, one or more of your children have special needs. If they do, your support obligation could also increase to cover any services they need.
When negotiation your child support obligation, it’s crucial that you work toward a figure that’s fair to you without being unfair to your children. An attorney with family law experience can help you do so.