How High of a Payment?
Financial issues make up a large component of any divorce, especially for those with larger numbers of assets at stake. The possibility of the higher earner paying more in spousal support can linger throughout the process and can cause tension between the parties ending their marriage. Because of this, it’s important to understand how spousal support works in Texas and what additional concerns, if any, higher-income earners should have.
How Spousal Support Is Awarded
Typically, spousal support is awarded in divorce cases where the parties involved have been married for at least 10 years and when the spouse who earns less would be left unable to support themselves when the divorce is finalized. It can be rare for a divorce of a marriage of fewer than 10 years to include spousal support; however, disability or custody of a disabled child may warrant including some type of spousal support.
A judge overseeing a spousal support case will make a decision by examining the financial resources available to both parties at the time of the divorce (in addition to other factors) and determine if each spouse is capable of providing for their own basic reasonable needs.
Why High-Asset Owners Have Concern
Owners of a large number of assets or those who earn a higher income have reason to be concerned about spousal support, especially if their spouse did not work much or at all during the marriage because of the financial resources available to them. If the spouse has remained dependent on the high-income earner’s pay throughout the marriage, there is a greater chance that a judge may award them spousal support so they can provide for their needs.
Work With a Texas Family Firm Attorney
Because of the necessity of protecting your financial interests throughout your divorce, it’s important to work with an attorney capable of navigating the complexities of asset division and other factors involved in high-asset divorce cases. At Law Offices Of Mark M. Childress, we are committed to working with our clients throughout each step of the divorce process to protect their best interests and defend their rights to their property.
To schedule a consultation with a member of our team, call us at (817) 497-8148 or visit us online and fill out our form.