Develop Child Support Orders Customized To Your Family
At the Middlesex County law firm of Davis & Davis, P.C., we have the in-depth family law experience clients seek. We also pride ourselves on taking a creative approach and developing customized child support solutions for high net worth individuals. Because these solutions often involve tax implications, they frequently benefit both the obligor and the recipient.
Are The Guidelines Applicable Or Not?
The Massachusetts Child Support Guidelines are only applicable if the combined gross income of both parents is $250,000 or less annually. In high-income situations, the guidelines no longer apply, making it critical to obtain legal counsel from an attorney with extensive experience in these types of divorce cases.
When the guidelines do apply, child support payments tend to be relatively simple. However, certain disagreements may still arise. We have the skill to resolve a wide range of disputes, such as whether one party’s invested stock options should count as income or not, or whether we should attribute income to a qualified wage earner who refuses to work.
We Account For Emotional Dynamics When Crafting Your Solution
During the initial, four-way meeting between the parties and their lawyers, we pay close attention to the emotional dynamics, goals and potential “hot buttons” of each parent. If a man is adamantly opposed to paying his ex-wife a dime, for instance, he may still be willing to make weekly deposits in a 529 college fund account for their child.
We Help You Understand And Take Full Advantage Of Tax Deductions
How we choose to allocate support can also make a significant difference. For example, a mother may be earning $40,000 a year while the father is in a 28 percent bracket with an expected bonus coming up. We might decide to give the bonus to the mother and call it alimony, not child support. This would provide the father with valuable tax savings, because he can deduct alimony from his taxable income but he cannot deduct child support.
In every case, we take the time to explain the guidelines, the laws and the potential impact on our clients’ unique situations. Sometimes paying a little bit more upfront in child support can greatly benefit the obligor when comes the time to file his or her tax returns.
Speak With One Of Our Attorneys For Tailored Advice
To learn more, call Davis & Davis, P.C., at 978-276-9051 or contact our attorneys online. We serve clients in North Reading, Middleton and throughout the Massachusetts Commonwealth.