Co-Parenting and Custody Challenges for High-Net-Worth Families

Any type of custody disagreement can be difficult, but there may be potentially more issues that can cause disputes when a divorcing couple has a high net worth. Simply stated, money can open up more opportunities for children, but it can also cause additional complications. Divorcing parents need to be prepared to establish and maintain a co-parenting relationship.

Money Can Actually Make a Divorce More Challenging

When parents have a high net worth, the children may lead a different lifestyle. They may have access to more activities, presenting potential challenges in scheduling for the parents. The children’s life could make it more difficult for parents to agree on custody and a visitation schedule. The parents may need to work around what the children may have going on in their lives when it comes time to dividing time with them. Accordingly, you should consider this when you are negotiating a separation agreement to potentially avoid more serious disagreements in the future. If any conflicts arise, parents must remember to balance all factors involving the children.

Then, a high net worth may mean that parents have multiple residences or live far from each other. The parents must figure out how to allocate the time with the children between them, transporting the children between the residences. Transportation can be difficult to figure out, especially when the parents are not located close to each other.

High net worth families may also need to consider how the children are to be educated. Even if the parents are in agreement that the children are to attend private school, there may still be some differences between the parents about how the children will be educated. Then, there could be issues about how much each parent must pay for the private school. The same considerations apply when determining how the children’s college education would be funded.

The Best Interests of the Child Govern Every Divorce Case

Remember that the best interests of the child are paramount in every custody case, no matter how much or little money divorcing parents have. While some things and experiences may be nice for a child to have, a court would likely want to see enough stability for the children to help them thrive in spite of a potentially difficult situation. Above all else, a court may want children to be in an environment that allows them to attend school and maintain a more predictable life.

Parents also need to keep financial disputes and disagreements from harming their ability to co-parent together. Even if they have ongoing disagreements about money and arrangements, parents need to work together as best as they can for the sake of the children.

Parents are best off when they can get on the same page as much as possible ahead of time by negotiating a custody agreement. Negotiation can help the parents set out the framework for difficult issues and how decisions will be made regarding the children. Even if the parents cannot agree on every single future issue now, they could at least create conditions where they can effectively work together in the future.

Contact a Northern Virginia Child Custody Lawyer Today

The child custody attorneys at ROOP XANTTOPOULOS BABOUNAKIS & KLAM PLLC routinely work with high net worth clients to help them resolve challenging divorce issues. We can assist you early in your case, helping you lay the groundwork for the best possible outcome in a difficult situation. Our lawyers could negotiate a child custody agreement on your behalf, or we can litigate your case in court if necessary. You can schedule an appointment with one of our attorneys by messaging us online or by calling us today at (703) 442-0040.