How to Create Effective Parenting Plans for High-Net-Worth Families?

Between splitting assets, discussing alimony, and breaking the news to families, divorce brings with it a countless number of potential stressors. And when high-net-worth families start to combine their crucial financial obligations with their emotional burdens, the separation process can feel incredibly messy.

Take, for instance, scenarios with children involved. The stakes become much higher because of the developmental importance of a child’s young and adolescent years—in these situations, you need a solid parenting plan to protect your kids. Let our Red Bank divorce lawyers at Sanvenero & Cittadino Attorneys at Law help.

What Should a Parenting Plan Include for High-Net-Worth Families?

Every effective parenting plan commits first and foremost to the well-being of the children; for high-net-worth families with multiple obligations to consider, you need to take extra care to ensure the stability of your child’s life. As with all plans, you will need to figure out custody schedules and decision-making authority with your partner, but you will also need to address the financial aspects of your co-parenting arrangement.

Your assets will likely allow your child to take advantage of private schools, extracurricular programs, and specialized medical care, and your plan should ensure that both parents contribute fairly to these ongoing expenses. Moreover, if your respective careers involve travel or unpredictable hours, you will need to build flexibility into the agreement for unexpected absences.

How Can You Address Financial Disparities in Parenting Plans?

One of the parents in your divorce arrangement may have significantly more financial resources than the other, which can lead to an imbalance of power. To maintain stability between the two partners for the sake of the child, ensure that your parenting plan addresses any potential financial inequalities. Your plan may include proportional contributions to shared expenses or a list of items that one or the other parent will pay for.

If one or both parties have trusts, investments, and businesses, consider how these assets can contribute towards maintaining your child’s standard of living.

How Do You Ensure Stability for Children During and After Divorce?

The children of high-net-worth families often get used to more affluent lifestyles, and preserving this lifestyle after a divorce will help them acclimate more quickly to their new situation. Try to keep their school attendance, social activities, and relationships with extended family consistent, and discuss how your children will split their time between homes.

You will also need to discuss communication protocols to ensure that both parents do their part to care for their kids: shared online calendars and regular check-ins can go a long way.

Protect Your Family’s Best Interests with the Red Bank Divorce Lawyers at Sanvenero & Cittadino Attorneys at Law

Contact our dedicated and experienced Red Bank divorce lawyers at Sanvenero & Cittadino Attorneys at Law at 732-743-9665 or fill out our online contact form for a free consultation. Our Red Bank, New Jersey, office serves clients throughout Monmouth County, Middlesex County, and Ocean County.