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.
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 parenting 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
Multi-Faceted Advice for Complex Child Support Matters
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.
Feigenbaum Consulting helps clients start their new life and protect their children and assets. Mark Feigenbaum brings years of litigation, corporate law, tax law, estate law, and accounting experience to family law disputes and is uniquely positioned to help professionals or business owners in child support matters. Feigenbaum Consulting‘s goal is to help clients move forward following the breakdown of a relationship while retaining as much financial stability as possible.
Contact Feigenbaum Consulting in Toronto for Proactive Child Support Solutions
Business owners, professionals, and high-net-worth individuals face particular concerns in child support matters. Feigenbaum Consulting offers comprehensive, multi-disciplinary support to clients and takes decisive action to protect their assets. Clients receive the peace of mind that their legal rights and obligations are handled by a team that truly understands their circumstances and the needs of their family.
Feigenbaum Consulting is conveniently located in Thornhill, just north of Toronto. The firm proudly represents clients in Canada, the United States, and across the world. To schedule a confidential consultation on your family law matter, please contact the firm online or by telephone at (905) 695-1269 or toll-free at (877) 275-4792.