SA Family Law - Change of Assessment After "Windfall"?

[IoM]

I currently am in a 50/50 shared care arrangement and have received a "Windfall" of $2 million dollars. The ex is receiving DSP. What are my potential weekly/monthly/yearly liabilities going to be?

Our current individual liabilities are relatively equal. I'm happy to pay once the process has taken it's course but just trying to ascertain my future liabilities before I go on a spending spree.

Any help with this family law matter would be greatly appreciated. Maybe a lowside/highside would be helpful.

 

[Rod]

Have you already finalised a property settlement?

Is your only concern child support?

 

[sammy01]

So CSA collect based on income - tax returns. So your answer lies with your accountant. The ex also has the capacity to seek a change of assessment and CSA can look big picture, so beyond just taxable income.

With a 50/50 shared care set up I should think you'd not be paying all that much.

Karma is a beautiful thing. Offering the ex a private agreement where you pay $100 a fortnight more than you're assessed to pay would make a huge difference to the world of someone on DSP... But ain't gonna kill ya. But to be honest, I'd even suggest you look into that. No point in you agreeing to pay $100 more if the govt is gonna screw the ex over on the DSP for your generosity.

 

[Rod]

and FYI, if you do not produce income from the windfall (eg interest, rent, dividends), seemingly to avoid paying child support, there's a very good chance CSA will 'deem' income and make you pay more anyway.

 

[IoM]

We've been separated for many years so property settlement etc was done along time ago. I understand that CSA base their decisions on taxable income, but also have knowledge of previous cases where they look at these "Windfalls" in conjunction with a persons "ability to pay" Child Support and adjust the payments accordingly, hence my query regarding the amounts involved.

The amounts I've seen recorded in previous cases run into the 10's of thousands per month, but none of those cases were exactly the same as mine, which is why I'm curious to hear what you good people think about it all. I also understand that the COA is only applicable for the financial year that it was lodged, as in I could apply for another assessment in the next financial year, so depending on how I invest the money my liabilities the following year may be substantially reduced, but that's getting a little off track.

I could look at making a private arrangement with her, but to be honest that feels a little underhanded and as I stated originally, I'm willing to pay what's required, so long as it's fair and equitable for both parties involved. I'm not against her receiving money that will enable her to provide a better life for our child whilst he's in her care, because at the end of the day he is our number one priority despite our own indifference's, he's the reason we've always maintained a working relationship. I'm also aware that she may apply to receive the payments for the financial year in a lump sum, which may be advantageous in negotiating a reasonable settlement.

I am seeking legal and financial advice on the subject, but as always it's beneficial to have as many opinions on the subject as possible in order to make the correct decision. At the time of writing a COA hasn't been lodged, but I'm expecting that to change in the very near future.

To answer part of your question directly Rod, I currently do not have any financial liabilities, so this would be my only concern at this point in time and to be fair it's not a bad position to be in. My new found financial status will not change who I am and will continue to remain humble throughout this process and moving forward with my life.