If you are planning to divorce and you or your spouse has significant financial assets, it is important to know how this wealth can influence the divorce process. Not only are financial issues such as property division more complicated, wealth can also influence child support calculations.
In Illinois, child support is typically based on a standard formula. However, Illinois courts may deviate from the typical formula and use other means of calculating child support in high-income divorce cases.
Child Support Guidelines and Deviations
Each state handles child support slightly differently. Until a few years ago, Illinois determined child support solely using the paying parent’s income. The amount a parent paid in child support was based on a simple percentage of his or her net income. In order to create a more equitable situation for both parents, child support is now based on both parents’ income.
Typically, child support is calculated by first determining each parent’s monthly net income. Next, the two incomes are added together to determine the combined monthly net income. This figure is compared to the Income Shares Schedule to determine the basic support obligation (the total amount of support required by both parents).
The basic child support obligation is divided between the parents based on their share of the combined net income. For example, if a father’s income represents 20 percent of the combined net income and the mother’s income represents 80 percent of the combined net income, the mother would be responsible for 80 percent of the basic child support obligation. The parent with less parenting time must pay his or her share of the basic child support obligation through child support payments.
Currently, the Income Shares Schedule only goes up to just over $30,000 a month. If the combined net income exceeds this amount, the Income Shares Schedule will not present a corresponding child support payment amount. Illinois law states that if the typical child support calculation method is inappropriate or impractical, the court has the authority to deviate from this calculation method. In situations like these, the court will determine child support on a case-by-case basis.
Contact our DuPage County Child Support Lawyers
Virtually every aspect of the divorce process is more complicated when spouses have high incomes. If you are planning to divorce and you or your spouse own significant financial assets, contact our skilled DuPage County high-asset divorce attorneys to get the personalized legal guidance you need. Call 630-364-4046 for a free consultation.