When going through a divorce, especially a high-asset one, many people focus on how the court will divide property, investments, and other assets. However, asset division can also influence child support obligations. Understanding how assets affect child support helps ensure that both parents meet their responsibilities fairly.
Understanding the link between asset division and child support
In Illinois, the court calculates child support based on both parents’ income and other factors. While asset division doesn’t directly determine child support payments, it can influence a parent’s financial situation. For example, one spouse may receive a large portion of assets, such as real estate or a business, which can impact their income or ability to pay child support. If one parent gains more assets, the court may raise the child support obligation if those assets generate income that helps support the child’s needs.
What assets does the court consider in child support calculations?
Illinois courts factor in various assets when calculating child support. These can include income from employment, business earnings, investment income, and property holdings. In high-asset divorce cases, the division of significant assets like real estate, stocks, or businesses can change the paying parent’s monthly income. The more assets a parent holds, the more likely the court will increase child support if those assets generate income that supports the child.
Can asset division reduce child support obligations?
While asset division can affect child support, Illinois courts prioritize the children’s needs above asset distribution. However, in some cases, the recipient spouse may receive enough assets to reduce the financial need for child support, especially if those assets generate substantial income. Still, Illinois courts will ensure that child support remains fair and in the best interest of the children.
Asset division impacts more than just property ownership—it can also affect child support obligations. Understanding the connection between the two can help you make more informed decisions during your divorce.