Very rarely does a divorce happen without conflicted interests or several disagreements. It involves a lot of emotions and questions about money. One of the hardest parts of a divorce is trying to figure out how to divide everything that you and your partner used to share.
Among all the things that need to be sorted out, like who gets what or who takes care of the kids, there’s also something called spousal support or alimony.
Spousal support is a court-ordered financial arrangement that requires one spouse to pay a certain amount of money to the other after a divorce. The purpose of spousal support is to help the receiving spouse maintain a standard of living similar to the one they enjoyed during the marriage, especially if they have been financially dependent on their former partner.
Sometimes, it might seem like you can handle these payments on your own, but unless you’re a competent divorce attorney yourself, you would be better off employing the services of one to ensure that the odds are in your favor.
Here are four such situations where legal assistance is vital.
High Asset Divorces
When a divorce involves a lot of money and valuable stuff, like expensive homes, big bank accounts, or successful businesses, it’s not always easy to split things equally.
For example, if one person owns a big company or has a lot of investments, it could be difficult to figure out how to divide these assets fairly. A spousal support lawyer’s services are crucial here because they know how to value these assets correctly and ensure the split is fair.
They can help with things like calculating how much spousal support is needed so that both parties can maintain a standard of living similar to what they had during the marriage.
Child Custody and Support Arrangements
Couples with kids typically have a harder time with division than those without. Not only do you have to decide who gets to spend time with the kids, but you also need to figure out how much money is needed to support them.
If one parent is going to take care of the kids most of the time, the other might need to pay more spousal support to help with child-related expenses.
A lawyer can help ensure that the support payments are fair and cover all necessary costs, like education and healthcare. They typically calculate the appropriate amount that is suitable for child support, taking into account factors such as
- Income
- Expenses
- The time each parent spends with the child
They also have to ensure that custody arrangements are clear and in the best interest of the children.
Sometimes, there might be conflicts related to custody, visitation, or other child-related matters. A spousal support attorney can step in to settle any existing dispute through negotiation or litigation.
Complex Tax Implications
Divorce can change your tax situation in a big way. For example, spousal support payments can affect how much tax you pay. If you’re receiving spousal support, the system might recognize it as income, and this could increase your tax bill eventually.
On the other hand, if you’re the one who’s paying it, there might be deductions you can use. A spousal support lawyer knows all the ins and outs of these tax rules and can help you understand how your divorce will impact your taxes.
Difficult Property Division
Sometimes dividing property can be really hard, especially if you have things that are complicated or that you both want.
A spousal support attorney can help you figure out the full list of what you own, how much everything is worth, and how to divide them fairly.
They go the extra mile to also uncover assets that may not be immediately apparent, such as offshore accounts or even trusts. They also calculate the value of assets like businesses, intellectual property, or closely held corporations.
It’s not uncommon for couples to have different opinions about the ownership of certain properties. When such a scenario arises, this lawyer oversees the negotiation and litigation process to ensure that any disputes are settled and everyone goes home happy.
