High net worth divorces can be extremely complicated due to the assets, investments, and businesses involved. The added layer of complexity that high net worth cases bring can have many couples panicked and feeling protective of their share and interests.
One of these main interests that couples may worry about is that of their children. Not knowing how your high net worth divorce will play out for you and your children can be frightening, but rest assured, if you have a trusted divorce lawyer by your side, you will be sure to have yourself, and the best interests of your children, covered. If you are still wondering how your net worth can affect child custody, child support, etc., below are some questions and answers to help:
- Will Net Worth Affect How Child Custody Is Determined?
In Pennsylvania, the best interest of the child is the overriding consideration in child custody decisions. What courts consider to be the best interest is influenced by numerous legal factors and how a judge interprets those factors. Learn more about the factors for determining child custody here.
The factors mentioned above may or may not be impacted by the parents’ net worth; it is a case by case basis and depends on your unique situation. One case where net worth can affect child custody is if work or travel plays a large part in one of the parent’s lives (e.g., if the “breadwinner” of the marriage travels constantly for their job and spends a lot of time away from their children, that might be a significant factor when determining child custody).
- Will Net Worth Affect the Amount of Child Support Awarded?
A high net worth individual involved in a divorce may worry that they will owe a substantially large amount of child support to their soon to be former spouse each month due to their income; however, while income is a factor in the calculation for child support, it is only a part of the process. Contact your experienced divorce attorney for details specific to your situation.
- How Can I Protect My Children?
First and foremost, hiring a divorce lawyer who is very experienced in high net worth divorces and child custody matters is one of the best ways you can protect your children during your high net worth divorce case. In addition, you can protect your children and put yourself at ease at the beginning of your high net worth divorce by establishing a custody and visitation order. If this is one of the first priorities of your divorce, this will help to make the other issues in your divorce a bit easier to resolve since this stressful topic will be agreed upon. Plus, this can help your children cope with the changes since they will have a schedule and routine in place.
RELATED: Read about what is at stake in a high net worth divorce.
- Is a High Net Worth Divorce Harder on Children?
This question may be common for parents to think about if they are going through a high net worth divorce. Every divorce is different, and therefore, it is difficult to say if a high net worth divorce is harder on children than a divorce not involving high net worth individuals. One piece of advice that certainly helps, though, is showing support and understanding for your children during your divorce while having an open ear. This can be vital to your children’s well-being during the process and afterwards. In addition, avoiding negative comments about your soon to be former spouse – especially around your children – is also important to help your children feel more at ease about the situation.
If you are heading into a high net worth divorce, and you have children who play a large role in the outcome of your divorce, it is common to feel overwhelmed for what is ahead. Having an experienced divorce attorney by your side to consult with and who can guide you through every step of your divorce and the topics that come along with your children is key.
If you have questions about this information, or if you would like more information about how our law firm can help you in your high net worth divorce case or in your child custody matters, contact us online or call us at 412-261-4040.