Much like marriage, divorce is one part an emotional investment and one part a financial investment. Although these aspects are apparent all throughout a relationship, they come into greater focus during the dissolution of a marriage. Not only does divorce take an incredible emotional toll on spouses, but it is where the depths of financial co-dependency are truly understood.
Divorcing spouses, especially those of high net worth, have quite a lot of financial decisions to make. With or without children in the picture, some divorcing spouses may be more concerned with alimony. Despite what many may believe, spousal support is still a very real obligation that impacts many divorcing spouses.
Alimony can vary considerably from spouse to spouse. In lengthy marriages, where there was a great income disparity, alimony can represent a significant amount of money. A court may consider several factors when determining alimony and calculating its amount and duration. And aside from the obvious income factor, earning capacity and minor children can also affect a court’s decision to award alimony.
Commonly overlooked, yet incredibly important, is the consideration of a spouse’s standard of living when determining alimony. Although a standard of living may have to be significant to take into consideration, a family court may use it to determine alimony during divorces of high net worth couples. The standard of living argument may be more successful for couples in which a divorce will greatly impact one spouse’s lifestyle negatively. In that case, a family court may award alimony to keep the lesser advantaged spouse in the lifestyle to which they are accustomed.
Alimony can play a significant role in an individual’s financial well-being. Divorcing spouses that are concerned how alimony may impact them may find it beneficial to speak with an experienced divorce attorney.