As the saying goes, more money means more problems. Finances are often the root of marital arguments, and they could be the reason for a divorce filing. When going through a high-asset divorce, finances will be a focal point when working toward a final divorce decree. However, it could also lead to contentious issues, such as a request for spousal support.
Seeking spousal support
At the Law Offices of Lynda Sheridan, our attorneys understand that a request for spousal support could impact the divorce process. Not only does it need to be established that spousal support is warranted, but it must also be calculated if it is deemed necessary. This could give rise to additional disputes and challenges, creating a longer and more complex divorce.
If spousal support is warranted, there are two times it might be required in a California divorce. The first is while the divorce is pending. This is often referred to as temporary spousal support. The second time is when the divorce is finalized. This support order is the one that will remain in place for the duration and amount it designates.
Calculating spousal support
If temporary spousal support is awarded by a California court, this is calculated by using a predetermined formula. The goal of this type of spousal support is to maintain the status quo between the spouses during dissolution.
Conversely, spousal support payments ordered post-divorce are calculated based on the analysis of various factors. This often includes the property and assets of each spouse, which includes separate property, the health and age of each spouse, the length of the marriage, the standard of living experienced during the marriage and whether the spouse seeking support could maintain that on their own, the education, skills and job market for the spouse seeking support, the time and expenses required to develop marketable skills and education and the tax consequences to each spouse.
Depending on your circumstances, spousal support might be warranted during and following your divorce. As such, it is important to assess your financial situation and determine if requesting spousal support is necessary.