Child support might deviate from the standard process in high-asset divorces. Since 2018, Illinois utilizes the Income Shares child support model. However, courts do have the ability to change the payment under exceptional circumstances such as high-value divorce.
If you have highly valued assets such as a farm or other business, you need to know how this affects child support in a divorce. Continue reading to learn more about the portion you can expect to pay.
What is the Income Shares system?
Income Shares is a system of determining child support by looking at a chart based on the income of both parents. The plan’s goal is to replicate the amount of income spent on the child if the parents never separated. Usually, the parent who spends most of the time with the child receives the child’s support. However, there are exceptions to this rule, so make sure you consult with your attorney about parenting plans.
Are there exceptions?
In the process of determining child support, a court considers the child’s best interest and lifestyle. Parents with considerable assets or incomes might not have to pay excessive amounts in child support, even if they do not maintain their previous lifestyle. However, this is purely up to the discretion of the court. If the court decides the Income Shares system benefits your child, they may order that you pay the standard portion of your income.
Owning highly valued assets complicates every aspect of divorce, including child support. Educate yourself on Illinois child support laws to prepare yourself for the proceedings and avoid a nasty surprise.