Does Net Worth Affect Alimony?
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Learn more about alimony in Michigan.
Every divorce has its challenges, but high net worth divorces are much more challenging. If you have a lot of money, the decisions you make during your divorce might have a significant impact on your financial future. There is just too much at stake for you to try to handle your divorce on your own. Instead, seek legal counsel from the experienced high net worth divorce lawyers at Goldman & Associates.
Alimony and Property Division in a High Net Worth Divorce
Spousal support, often known as alimony, is money paid by one ex-spouse to the other during or after a divorce. Alimony is meant to ensure that each spouse’s financial needs are addressed throughout and after the divorce process. Your individual circumstances will determine the amount, frequency, and length of spousal support.
During a divorce, a couple’s assets and liabilities are classified as marital or separate property. Generally, the court will allow each spouse to keep ownership of their separate property. Marital property, on the other hand, must be divided equally between the two spouses.
When it comes to the distribution of marital property, the term “equitable” does not always imply “equal.” The court must ensure that each party receives their fair share, whether that amount is equal or uneven.
Since there is so much at stake, having an experienced family law attorney on your side during a high net worth divorce is essential. Our attorneys are committed to negotiating a favorable property settlement agreement on your behalf.
Factors Considered When Determining Alimony
In many high net worth divorce situations, alimony is a controversial subject. This is because the spouse with a lower net worth may request an excessive amount of spousal assistance each month. Outside of the courts, you and your spouse can have the option to try to strike an agreement. However, if your spouse is requesting excessive alimony, you may need to go to court.
When deciding whether or not to grant alimony, the court will examine several criteria. Among these elements are:
- The duration of the marriage
- Each spouse’s behavior during the marriage
- Each party’s income and earning potential
- The property settlement
- The health and specific needs of each party
- What each spouse contributed to the marriage
- The quality of life experienced by both spouses during the marriage
In certain situations, the court may rule that the spouse with the lesser net worth has the right to maintain the same standard of living they enjoyed throughout the marriage. This might lead to the judge ordering you to pay an excessive amount of spousal support. This is yet another reason why you will want the services of our attorneys to protect your rights and guarantee that you are handled appropriately by the court.
Call Now For A Free Consultation With Our High Net Worth Divorce Lawyers
If you are considering a high net worth divorce in Michigan, you should consult with an experienced family law attorney. Our firm has a representative available to speak with you right away. Contact Goldman & Associates Law Firm to learn more about our services. Schedule an appointment today.