Florida residents who have been fortunate enough to build wealth will often say they could not have done it without help from their spouse. This goes beyond crediting a husband or wife with encouraging them in various ways as they sought to advance. It includes giving them the ability to learn new skills, build a business or get an advanced education. It can be a critical aspect of a divorce when alimony is determined.
Among the many factors that are considered when an alimony determination is made is compensating the receiving spouse for how they might have assisted the higher-earning spouse to amass their wealth. Both sides need to think about this as the case proceeds.
A spouse’s contributions are important with alimony
When a person achieves notable success, they may focus intently on their education and career. This can leave a gap in taking care of daily needs like running a household, taking care of children and other areas of life.
For example, if a person works in real estate, is in finance, is a doctor, an attorney or a professional athlete, their spouse could take care of the home so they need not worry about it. The same is true if the stay-at-home spouse was helping them by contributing personally and financially while they were garnering the education and skills to become successful. When an alimony determination is made, this can be a key factor in the amount.
This is critical because the homemaker or the lower-earning spouse might be left wondering how they will make ends meet and maintain the lifestyle to which they grew accustomed during the marriage. In a high-asset family law case, the court will look at these contributions and make its decisions accordingly to craft a reasonable alimony decision.
Understanding the tenets of alimony is key in a divorce
There are many areas of dispute in a divorce. This is particularly true when the couple has managed to accrue substantial assets. That could be in the form of bank accounts, investments, a business, collectibles, automobiles and more.
Property division is a common topic for dispute, but alimony is also complex and can hinge on various factors including contributions in ways other than money. It is wise to think about this and to be prepared from the outset of the case.