In a high-asset divorce, deciding on child custody can be a daunting task. Thus, it is crucial to know the lifestyle of the family through a lifestyle analysis. If you are facing a high-asset divorce, how can a lifestyle analysis impact the outcome of your child custody case and affect your child’s future?
What is a lifestyle analysis?
A lifestyle analysis examines the financial situation of a family, including their income, expenses, assets and debts. This can provide a clear picture of the family’s standard of living, which can be essential in deciding on child custody.
Why a lifestyle analysis can be crucial
A lifestyle analysis typically involves a review of financial documents, including credit card records, bank statements and tax returns. Forensic accountants may also conduct interviews with the parents and other individuals to gather information on their spending habits.
A lifestyle analysis considers key factors, such as:
- Income and expenses: This includes the parents’ income, fixed expenses and discretionary spending. The income and expenses can help confirm their ability to support their child’s needs.
- Standard of living: The analysis also evaluates the family’s standard of living, including their lifestyle, habits and priorities. This can determine the level of support that can maintain the child’s well-being.
- Assets and liabilities: This involves the parents’ assets, including real estate and business interests, as well as their liabilities, such as debts.
In California, the primary concern of the court in deciding on child custody is the best interests of the child. A lifestyle analysis can provide critical information to help the court make this decision.
Aiming to ensure the well-being of your child
Knowing the intricacies of your high-asset child custody case can help you better handle your family law matters. However, going through the complex divorce process can be challenging. By seeking legal counsel, you may make informed decisions and protect your rights as you aim to ensure the well-being of your child.