In many high-asset marriages, one spouse works while the other does not. Regardless of your assets, marriages sometimes end in divorce. The non-working spouse often has financial worries, wondering if they will need to change their lifestyle.
Florida courts carefully consider specific factors when determining alimony in high-asset divorces where one spouse has been the primary earner. The main concern revolves around the significant income gap between spouses.
Assessing financial standing
Alimony is financial support one spouse may have to pay to the other after a divorce. Courts check the working spouse’s financial situation, examining income, assets and overall financial health. At the same time, they consider the non-working spouse’s financial needs and reliance on the working spouse for support.
Florida courts categorize marriages as short-term (under 10 years), moderate-term (10-20 years) and long-term (over 20 years). Longer marriages, especially with one spouse financially dependent, increase the likelihood of alimony.
Preserving the accustomed standard of living
Florida courts aim to maintain the non-working spouse’s standard of living after the divorce. This involves examining the lifestyle enjoyed during the marriage and shaping alimony terms to support the non-working spouse financially.
The alimony determination process considers non-financial contributions to the marriage, such as homemaking and childcare. Courts acknowledge the value of these contributions when deciding the appropriate financial support for the non-working spouse.
Considering each spouse’s well-being
Courts factor in the age, physical, mental and emotional condition of each spouse when deciding alimony. This assessment ensures that financial decisions align with the specific circumstances and challenges each spouse may face after the divorce.
Responsibilities for children
The financial and custodial responsibilities for minor children play a part in the alimony decision. A comprehensive assessment ensures that the determination takes into account the well-being of both spouses and any dependent children.
Various types of alimony
Florida courts may award different types of alimony. Bridge-the-gap alimony assists the non-working spouse in transitioning to a single life. Durational or permanent alimony decisions consider the marriage length and financial differences.
Adapting to changing circumstances
Either spouse can request alimony modification if circumstances change. Factors like income fluctuations, employment status or remarriage can prompt a reassessment of alimony terms, ensuring ongoing fairness and equity in the process.