When it comes to the divorce process, those with significant assets are often especially concerned about various issues related to ending their marriage, including property division and their financial obligations following the divorce (such as alimony and child support). Moreover, some who are involved in a high-asset divorce worry about their custody rights and how their finances will impact their ability to secure custody of their child.
It is important to note that there are a lot of factors that courts consider when making custody decisions. However, the financial circumstances of parents are taken into account.
When one parent earns more
Sometimes, people assume that when one parent earns far more than the other they will have the upper hand during a custody dispute. However, this is not necessarily true, since courts review many different factors when determining which outcome will serve a child’s best interests. In some cases, one parent’s financial situation is beneficial and increases their odds of a favorable outcome. That said, parents with a modest income are also able to secure custody in many instances and receive support from the other parent.
Your child’s future
Finances play a key role in a child’s success and their future options, such as attending college and so on. However, there are many other issues that arise when it comes to custody matters, divorce and a child’s well-being. As a parent, it is imperative for you to safeguard your child’s future and do your best to help them deal with uncertainty or other difficulties during and after your divorce. Our website covers a lot of other topics related to child custody, feel free to review this information to learn more.