This is the second post on the changing nature of divorce as incomes and assets increase. In Virginia, high-asset divorces involve many complicated issues, like spousal support.
Spousal support, also known as alimony or maintenance, is a payment that one spouse makes to another after a divorce to help them maintain a reasonable standard of living. In Virginia, spousal support is not automatic or guaranteed. The court may award spousal support if one spouse has a financial need and the other spouse has an ability to pay.
High-asset divorces and spousal support
In high-asset divorces, spousal support can be a significant factor because one spouse may have sacrificed their career or education opportunities to support the other spouse or to raise the children. The court may consider many factors when deciding whether to award spousal support and how much to award.
Spousal support factors
Factors include the duration of the marriage, age and health of each spouse and the income and earning capacity of each spouse. The family law judge will also consider the education and skills of each spouse, contributions of each spouse to the family, the standard of living established during the marriage and the fault or misconduct of either spouse.
Duration of spousal support
Spousal support can be awarded for a limited duration (temporary or rehabilitative) or for an indefinite duration (permanent or durational). The court may also modify or terminate spousal support if there is a material change in circumstances that affects the need or ability to pay.
High-asset divorces are more complex than average divorces because they involve more issues, more assets, more experts and more potential conflicts. If you are facing a high-asset divorce in Alexandria, Virginia, protect your rights and interests.