The higher the number of assets, the more concern both partners will show. Due to the high amount of money and property in a high asset case, the overall battle in court can be extended and stressful for everyone. Plus, several complications and obstacles must be overcome to reach the final judgment.
Determining the alimony or spousal support is a part of every divorce. However, it can be a little challenging with such high-volume assets. The ideal thing to do in such a situation is to contact an Appleton divorce attorney who can help you figure out the spousal support.
Additionally, you can refer to the tips below to figure out spousal support in a high asset divorce.
How is spousal support decided?
The law considers that both spouses have been married to each other for at least ten years and the financial condition of the spouse who earns less means they will not be able to support themselves. In most cases, if the marriage has not lasted for ten years. However, a particular disability of the spouse or child can be a valid reason to grant spousal support.
A judge analyzing the spousal support will first consider the financial resource of both parties during the divorce proceedings and then pass a judgment on whether each party is capable of fulfilling their basic needs.
There is also a possibility that the court may grant temporary support to the spouse where the well-to-do partner has to pay a certain amount for a specific period assigned by the court.
The critical point considered while determining the spousal support in a high asset case is:
- Marriage duration
- Financial independence
- Standard of living established during the marriage
Why should higher-earning partners be firm about support?
Due to the lack of financial independence and ability to earn, the spouse is given more part of the assets to maintain the standard of living. However, if the higher-earning individual agrees to support, a higher income’s obligation means higher support will follow them for a lifetime.
Ensuring that the entire load does not come on one partner, most couples decide to settle their spousal support outside the court. This way, it is more convenient for each party, and they can put their terms and condition freely. However, it is advised that you negotiate in the presence of lawyers from both sides, so there isn’t an unfair distribution.