Is an Alimony Award Warranted? If So, How Much and For How Long?
Though an award of alimony/spousal support is far less common in today’s world than it used to be, navigating the potential need for alimony in a high asset divorce can still be necessary in Texas. Approximately one in every ten marital breakups now leads to an alimony award, and the recipients are no longer exclusively female. For a number of reasons, successfully working through questions about alimony can be more challenging when there was a substantial net worth or significant assets.
Why Alimony May Be More Complicated in a High Asset Divorce
As more and more women have joined the workforce over the past 50-75 years, the likelihood of alimony has significantly decreased. According to a study conducted at Marquette University, the chances of getting an alimony award in a divorce have diminished by more than 50% since the 1960s, when about one in every four cases saw some grant of alimony. About 10% of all divorces being filed today involve some award of spousal support.
When the marriage produced a substantial marital estate, determining the need for and the amount of spousal support can be far more complex:
- Many high wage earners receive compensation in many forms, including salary, bonuses, stock options and even deferred compensation. Accordingly, it can be difficult to correctly calculate the standard of living to which the parties were accustomed.
- High wage earners tend to enjoy more lavish lifestyles. Often, one of the objectives of alimony is to allow both parties to maintain the same standard of living they had when they were married. That may involve expenses for what are commonly perceived as luxury items, from vehicles and homes to travel, schooling and even hobbies.
Let DTX Family Law Help You Navigate Alimony in a High Net Worth Texas Divorce
At DTX Family Law, we always put your needs and concerns first. We know determining whether alimony or spousal support is appropriate can often be difficult. We’ll carefully explain your rights and options, as well as your chances of success, so that you can make good decisions for you and your family. Chrysandra is board-certified by the Texas Board of Legal Specialization, an honor earned by less than one of every ten family law attorneys in the state. To schedule an appointment with a proven and effective Texas family lawyer, visit our new website or call our offices at 940-566-0606.
Handling Divorce and Family Law Matters throughout Denton and the surrounding communities, including Denton, Collin, Wise, Tarrant and Cooke counties and the municipalities of Keller, Euless, Hurst, Colleyville, Bedford, Crowley, Lake Worth, Benbrook, Haslet, Saginaw, Watauga, Richland Hills, White Settlement, River Oaks, Forest Hill, Kennedale, Westover Hills, Lakeside, Pelican Bay