Are you a New Jersey parent who is required to pay child support? You might already know the monthly amount that you’re obliged to pay, but you might not know how it’s calculated in your state. Many parents wonder if high-net-worth parents are obliged to pay more in child support. To find out, read on or reach out to one of our Child Support Attorneys in Bergen County, NJ today!
HOW IS CHILD SUPPORT CALCULATED FOR NEW JERSEY PARENTS?
The exact amount that you’ll be required to pay in child support depends on each parent’s annual income, the age of the children, the number of children, the amount of time you’ll spend time with your children, and your marital status. In New Jersey, each child support calculation is done on something called a child support worksheet, which you can find on the New Jersey Judiciary site. The process can be complicated, so the calculation usually needs to be done by a professional who is highly knowledgeable about child custody law.
In general, the calculation typically starts with determining each parent’s net annual income and adding them together to get the parents’ net gross annual income. Each parent’s annual income is divided by this number to get a percentage that represents their input into the gross annual income. The numbers are adjusted for taxes and such. The court can calculate how much is required for each child’s health expenses and such. The final determination of how much child support the non-custodial parent (the parent that doesn’t have custody of the children) is calculated using the monthly expense of each child and each parent’s percentage into their net annual income. Again, it’s a difficult calculation process, and you’ll need a child custody lawyer to help you figure out the exact amount you’ll need to pay.
ARE WEALTHY PEOPLE REQUIRED TO PAY MORE SUPPORT?
In general, yes. If you earn a higher income than the other parent, you’ll have to pay a larger amount in child support than they do. By New Jersey law, the court may require a high-net-worth parent to provide an additional child support award based on their income and based on the child’s standard of living. The goal is to continue the child’s lifestyle for their own benefit. While the child support amounts for high-net-worth parents might seem excessive for some, they might be necessary for the best interests of the child.
If you’re looking to learn more details about child support calculations in New Jersey, you should speak with a knowledgeable family law attorney who can provide individualized legal counseling. Townsend, Tomaio & Newmark, LLC is here to help! Contact us today for an initial consultation with one of our compassionate and highly experienced child custody lawyers.