Understanding Support Agreements For High-Income Households
For many divorcing spouses, child support and spousal maintenance agreements are a significant concern, and understandably so. The court’s order will deeply impact your finances and way of life, and the way Illinois law prescribes support payments can seem arbitrary. At Fay, Farrow & Associates P.C., our lawyers work to ensure your support agreements preserve your way of life.
The Law Can Work For You
The court has a basic calculation for both alimony and child support. The court considers many factors, like the length of your marriage, how disparate your and your spouse’s incomes are, both partners’ earning potential and more. But, as a high-income household, there are additional considerations.
You should be aware:
- Spousal maintenance has a maximum limit of 40% of the payee’s net income
- Spousal maintenance is no longer tax-deductible
- The court will consider your property division and tax burdens when establishing a payment
- Child support is not held to the same standards as spousal maintenance and focuses on maintaining the child’s lifestyle
In many high-income cases, these calculations have some flexibility. Our firm begins by conducting a thorough evaluation of your assets and evaluating your needs. We pay attention to how the details impact your case.
We Speak From Experience
Our firm has been representing Illinois residents in divorce proceedings since 1979. We ensure your agreement is fair and works for you. Our attention to detail and experienced care is a critical factor in success. Schedule a consultation at Fay, Farrow & Associates P.C. Call us at 630-230-1468 or reach us online.