It is a misconception that spousal support or alimony is only for those with lower incomes. Couples with more wealth have the equal right to include spousal support in their divorce negotiations.
For wealthier individuals, this payment is often a way to maintain a lifestyle. The court considers various factors to determine the need and amount of support.
Length of marriage
In general, the longer the marriage, the more likely it is that the court will award alimony regardless of income level. This is because longer marriages often result in one spouse becoming financially dependent on the other or contributing more to the financial benefit of each other.
Standard of living
The standard of living during the marriage is a big factor in high asset divorce situations. Since there may not be a monetary need, the court will consider if the couple had a high standard of living. If one spouse would struggle to maintain that standard after the divorce, the court may award alimony to ensure that they can maintain it.
Earning capacity
If one spouse has a significantly higher earning capacity than the other, this could be an indicator that the lower-earning spouse should get a support award. The idea is to ensure there is fairness after the marriage ends, even if both spouses have decent earnings and assets.
Contributions during the marriage
The court will look at both financial contributions and non-financial contributions of each spouse. For example, homemaking and child-rearing can have equal value to working outside the home and earning an income.
Spousal support in a high asset divorce is a complex issue. Individuals can protect their rights and ensure they receive a fair outcome by understanding the reason a court may make this financial award.
