If you are going through a divorce, you’re well aware of the many issues that need to be decided upon before your divorce is finalized.
According to the experienced divorce attorneys at the Greenville law firm of Bannister, Wyatt & Stalvey, LLC, one of the most critical issues in a divorce is spousal maintenance, also commonly referred to as alimony.
Alimony becomes an even more significant issue in a high net worth divorce because of the amount of money involved.
Why Does South Carolina Law Require You to Pay Spousal Maintenance?
The law says that the spouse that makes a lot less money than the other spouse may be entitled to alimony. This law reduces the dramatic economic impact on the spouse who earns a lot less money than the other spouse or has no income at all.
It’s possible, if both you and your spouse make substantial incomes, that spousal maintenance may not be ordered.
How is Spousal Maintenance/Alimony Calculated in South Carolina?
The amount of spousal maintenance to be paid is not calculated through any specific formula. According to South Carolina law, the courts must follow and give weight to a set of thirteen different factors to calculate the amount of spousal maintenance that is to be paid. Because of this, it is difficult to predict how much spousal maintenance a court will award in your unique case.
What Factors Does the Court Consider When Awarding Spousal Maintenance?
In high net worth cases, long term alimony may become an issue in your South Carolina divorce. The duration of the alimony, amount, and how the spousal maintenance is to be paid is up to the judge. However, the South Carolina judges will consider a variety of factors which include:
- Any Marital Misconduct on the Part of You or Your Spouse
- Current Earnings and Earning Capacity
- Age and Emotional, Physical and Mental Conditions of You and Your Spouse
- Length of Your Marriage
- Property Each of You Brought Into Your Marriage
- Educational Background of You and Your Spouse
- Tax Consequences
- Standard of Living
What About Post Separation Support or Temporary Alimony?
You or your spouse may ask the court to grant you post-separation support or temporary support until all the issues in your divorce are settled.
Post-separation support can be vital when there is a significant difference between how much money each of you earns and the household expenses are high.
The South Carolina courts will consider the following when awarding post-separation support or temporary alimony:
- Financial Needs of Each of You
- Standard of Living
- Present Employment Income
- Other Recurring Earnings of Each of You
- Separate and Marital Debts
- Any Expenses Necessary to Support Each of You
The possible consequences of any divorce are numerous and can be severe, especially in high net worth divorces. You should give careful thought to the issues involved in your high net worth divorce.
The divorce lawyers at the Greenville, South Carolina law firm of Bannister, Wyatt, and Stalvey, LLC have the knowledge, skill, and experience necessary to assist you through this turbulent time in your life as well as ensure all of your rights are protected. Contact us today!