Toronto Divorce Lawyer Advising High-Net-Worth Individuals on Child Support
Child support is the monthly payments made by one parent to the other to cover the cost of food, clothing, and other expenses fundamental to raising a child following a separation or divorce. In many family law disputes, child support can quickly become a highly contested issue, particularly where one or both spouses are high-net-worth earners or own a business.
The amount of support that the payor parent is obligated to pay to the other parent, the type of expenses the payor parent is expected to cover, and how long the payor parent must continue the payments often become a point of serious negotiation between former spouses or partners. Such questions are a matter of particular interest to parents who may own a business or who have significant net-worth.
Child Support in Ontario
In Ontario, the base amount of child support payable by a payor parent is determined by a formula contained in the federal Child Support Guidelines. In determining what this base amount is, the Guidelines consider factors such as the number of children, the income of the parents, and which parent is the custodial parent.
Because of the Guidelines, child support payments are often more straightforward than spousal support payments but can be complicated by several factors including hidden or undisclosed income or custody arrangements.
In addition to the base amount outlined in the Guidelines, parents may also have to pay for or contribute to certain “special” or “extraordinary” expenses, including:
- Extracurricular activities (sports, music lessons, summer camp, etc.);
- Medical and dental insurance premiums;
- Medical expenses (prescriptions, braces or other orthodontics, etc.);
- Post-secondary tuition costs.
How Mark Feigenbaum Can Help
Since child support issues have the potential to become complicated, it is essential to obtain knowledgeable and proactive legal advice as early in the separation process as possible.
Mark Feigenbaum brings years of litigation, corporate law, tax law, estate law, and accounting experience to family law disputes. Mark can help you protect your children and your assets, including your business if you are a professional or business owner and guide you through the process of starting your new life. Mark’s goal is to help you move forward following the breakdown of a relationship while retaining as much financial stability as possible.
Contact Divorce Lawyer Mark Feigenbaum for Advice and Guidance on Child Support Matters
If you own a business or have a high-net-worth, and are going through a separation or divorce, it is crucial to obtain guidance from a family lawyer who understands your specific needs. Mark Feigenbaum can ensure that you meet your child support obligations, while maintaining financial stability, and protecting your assets. Contact Mark online or call him at (905) 695-1269 or toll-free at (877) 275-4792 to book a consultation.