When parents of minor children divorce, the custodial parent typically gets child support payments as part of the settlement.
You may wonder how this scenario changes if you and your spouse have a substantial income.
Determining child support
If you agree to joint custody with your co-parent, you share the financial obligations for your children. However, you can still receive support payments. Courts determine your needed level of assistance based on various factors, and you may still qualify even if your income is sufficient to meet your child’s needs.
Examining income sources
Part of the divorce process involves identifying all sources of income from both partners. Earnings can include regular salaries, business revenues, investments, commissions and bonuses. Child support laws in Colorado outline how to calculate the required amount of money for each child. This process can look different in high-asset divorces.
Considering additional facets
After establishing the total income for each spouse, courts look at other elements to determine the appropriate amount of support for your case. Relevant concerns include:
- The physical and mental health needs of your children
- Any unique educational requirements
- Financial resources of each parent
- The current standard of living of your children
Addressing standard of living
While Colorado has specific child support guidelines, courts can award excess support when fitting. If your family earns a high income, your children likely have expenses that are not necessary but are reasonable for their lifestyle. It is essential to understand how to present evidence that supports the need for costs such as:
- Private schools
- Costly extracurricular activities
- A live-in nanny
- Tutors or private instruction
- Vehicles for teen drivers
Colorado law works to ensure that everyone involved in a divorce can maintain a way of life as close as possible to their pre-divorce lifestyle.