Going through a divorce is hard for everyone, but it can be particularly challenging for high-asset individuals. This becomes especially true when it comes to spousal support, also known as alimony. In Virginia, while the principles guiding spousal support remain consistent, their application can vary significantly based on the financial circumstances of the parties involved.
In our state, spousal support is awarded based on the need of one spouse and the ability of the other to pay. The court considers several factors, including the duration of the marriage, the standard of living established during the marriage and the financial resources of both parties. Support can be temporary or permanent.
How is spousal support normally calculated?
Typically, spousal support is calculated by evaluating the income and expenses of both spouses. The court examines the earning capacity, obligations, needs and financial resources of each party. Factors such as the age, physical and mental condition of the spouses and the contributions of each to the family, including non-monetary contributions, are also considered. Virginia Code Section 20-107.1 outlines these factors in detail.
For wealthy divorcees, the calculation of spousal support can be more complex. High-asset divorces often involve substantial incomes, significant assets and a higher standard of living. In these cases, the court may delve deeper into the financial intricacies, including investments, business interests and other high-value assets.
The court aims to ensure that the lower-earning spouse can maintain a lifestyle similar to that enjoyed during the marriage. This might involve larger support payments compared to typical cases, which reflects the higher standard of living and the substantial financial resources available. Additionally, prenuptial agreements that are more common among wealthy individuals, can significantly influence the outcome of spousal support decisions.
While the fundamental principles of spousal support in Virginia remain the same, the application can vary significantly for wealthy divorcees. The court’s goal is to balance the financial needs and resources of both parties. This ensures fairness, and it maintains the standard of living established during the marriage.
