If you are preparing to end your marriage, you need to focus on the financial side of divorce, especially if you have a high net worth. When determining alimony awards, courts take a host of factors into consideration.
By reviewing some of the different issues that impact spousal support, you can prepare for your potential financial obligations or the support you could receive down the road. Some people do not recognize that certain issues, such as adultery, can also impact alimony awards.
What do courts consider when awarding alimony?
According to the Florida Senate, courts review many different aspects of a couple’s financial circumstances when awarding alimony. For example, if one party committed adultery, this can affect how much spousal support the court awards. Other factors include each party’s age, contributions during the course of the marriage, level of education and earning potential.
Additionally, courts look at the length of the marriage and the standard of living that a couple enjoyed throughout their marriage. Courts gauge whether one party has a genuine need for spousal support and review the age and well-being of each party (physical and emotional).
How long does alimony last?
In some instances, spousal support does not last for more than two years, while some alimony awards are permanent. If you have to pay alimony, you need to ensure that you stay current on your payments, especially since falling behind can result in serious penalties. Moreover, you should review the process of modifying a spousal support order in the event that you become unable to make payments.