Toronto Family Law Boutique Focusing on Child Support for High-Income Earners
Following a separation or divorce, establishing proper child support payments is essential to maintaining the financial well-being of your children and ensuring that all their needs are met in the future. Questions about both child support or spousal support quickly become complicated where the separating spouses are high net worth earners, hold significant assets, or are business owners or professionals. Financial Litigation advises high-income individuals about child support obligations. We offer personalized advice that reflects the unique needs of our clients, whether they run a family business, have a successful professional practice, or own significant assets.
Child support payments
Child support payment amounts are set out in the Child Support Guidelines (the Guidelines), and are calculated based on taxable income and number of children. Where custody is shared, the amounts may be adjusted to reflect this arrangement.
Special or extraordinary expenses may also be required above the minimums set out in the Guidelines. These payments may be for extracurricular activities, health care costs, or other necessary expenses.
Calculating child support for high-income earners and business owners
Where the payor parent earns an income over $350,000, the Guidelines allow the court to grant an additional amount to be paid, depending on the financial needs and circumstances of each spouse.
Child support calculations can be further complicated where one or both spouses are self-employed, own a business, or have significant earnings from dividends, stock options, or company bonuses.
Eli Karp has relationships with forensic accountants and valuation specialists to ensure that various wealth management vehicles such as corporations, as well as self-employment and other forms of income are properly assessed and that child support payments are calculated fairly.
Reliable family law advice for child support matters
As family lawyers focused on the financial aspects of separation or divorce, Financial Litigation has the skill set necessary to calculate income in these unique situations. We will review corporate returns, financial statements, and other documents to ensure that support is being fairly calculated. To make an appointment to discuss a child support issue, contact us online or call 416-769-4107 x1.