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South Florida Divorce Law Blog

Helping you secure alimony during a high asset divorce

For wealthy couples in Florida, money is likely the least of their problems. However, when wealthy couples decide to divorce, this can bring up a slew of financial troubles. Both spouses seek to protect their assets, ensuring they get what is owed to them. But what about alimony? Is this something owed to a spouse if they believe they require financial support in order to establish a post-divorce life that is similar to the life they were accustomed to during marriage?

Discussing alimony or even requesting it during dissolution is not easy. But failing to request it when it is clearly necessary could be problematic down the line. The goal and purpose of alimony is to set a level playing field when it comes to finances. If one spouse made all the money or a vast majority of it, then spousal support will naturally be critical in these matters.

Determining if you are entitled to alimony

Many things are likely running through your head when you decide to file for divorce. What will life be like on my own? Will I find love again? How will I pay for my post-divorce life? Meeting your financial needs often tops the list, as many divorce issues tend to be related to money. For Florida couples going through a high asset divorce, you might wonder how much money you are getting and whether alimony is on the table.

Not every spouse is entitled to alimony in a divorce. Only those who are unable to meet his or her financial needs will be awarded spousal support. Additionally, spousal support is only possible if the other spouse is capable of paying the financial award.

Getting help with your high asset divorce

No matter the topic, everyone seems to have his or her own opinion. This is especially true for those considering a divorce. While some may want you to stay for the kids and others might confess that they think you should have left years ago, the truth of the matter is that your friends are probably not well equipped to guide you through a high asset divorce. Thus, divorcing spouses in Florida need to understand who to seek help and guidance from during this trying time.

So whom should you seek help and guidance from? Although friends and family might be great to keep around for emotional support, especially during and post-divorce, it is important to obtain assistance from certain professionals.

Guiding wealthy spouses through the property division process

Disagreements are likely to occur in a marriage, however, during the divorcing process, this is a common event while couples attempt to sort through every divorce issue. One of the most contentious topics is property division. And during a high-asset divorce, the property distribution process can be long, taxing and filled with disagreements.

It is stressful and emotional to consider a post-divorce life. It will likely be vastly different from your marital life and could include less property and assets. Thus, it is important that Florida spouses note their rights and how they can best protect them during this process.

GOP's plan to eliminate tax breaks for alimony payers

While anyone can go through a complex divorce, many agree that nothing complicates the divorce process much like money does. Because of that, many couples in Florida going through a high asset divorce are faced with many difficult and overwhelming decisions when it comes to their finances during and after dissolution. For some spouses in a wealthy divorce, an award of alimony might be part of the divorce decree. While this is requested and rewarded because he or she needs financial support post-divorce, the payee spouse is at least able to enjoy tax breaks for these payments.

These tax deductions might come to an end though. Unfortunately, those paying alimony in Florida and other states across the nation may no longer enjoy a tax break for paying alimony. According to reports, the proposed Tax Cuts and Jobs Act would scrap the tax breaks divorced spouses would get for paying alimony as a means to pay for the sweeping tax cuts planned by the current administration.

Seeking alimony in a Florida divorce

When wealthy couples in Florida divorce, many issues surrounding money and the couple's finances are likely to arise. In some cases, one spouse might be especially concerned about his or her financial well-being post-divorce. In these cases, alimony will likely be requested. Depending on the circumstances surrounding the marriage, a spouse might be able to obtain and maintain spousal support for years following dissolution.

In the state of Florida, spouses can seek alimony in a variety of situations. Alimony can take various forms, and each type of alimony is suitable for specific situations. However, in order for an alimony awarded to be ordered, property division must have taken place. This is due to equitable division playing a role in the court's decision to award a certain type or amount spousal support.

Guiding you through the high asset divorce process

A divorce is not an easy process to initiate or navigate through. Even if you and your spouse have taken various steps to ease the complexities of a divorce by drafting a prenuptial or postnuptial agreement, this does not always prevent the complexities involved with a high asset divorce. Thus, it is important to gain a full perspective of you situation and how best to reach an amicable and favorable divorce decree.

Whether there are children involved or not, a high asset divorce is filled with a multitude of decision-making. These decisions could greatly impact the future of each spouse, making it crucial that each spouse understand how their decisions could impact them post-divorce. At FIscher & Feldman, P.A., our experienced attorneys are focused on meeting the goals of our clients. We understand that divorce is unpleasant, but we work hard to help Florida residents in the Hollywood area navigate through the ups and downs of the process.

Types of alimony available in a Florida divorce

Filing for divorce can stir up many emotions. While it is a time of sadness, anger and relief, it is also a time of fear. There is the fear of the unknown, and for some Florida spouses, they fear that they will not be able to financially support him or herself post-divorce. In these cases, requesting for alimony is common. It is not only a way to address these fears but also ensue that a spouse is able to maintain the standard of living they experienced during the marriage.

Alimony awards are made on a case-by-case basis. Certain details and factors in a marriage determine whether a spouse is awarded spousal support, and if so, why type they are awarded. In Florida, the court may grant bridge-the-gap, rehabilitative, durational or permanent alimony. Additionally, an award could be a combination of these types, lasting for the length of times necessary for the recipient spouse to become self-supportive.

Helping you request alimony during divorce

Divorce is not a positive life event; however, it can be an answer to a couple's problems. While no couple gets married with the idea that their union will end in divorce, it is a reality that nearly half of all married couples face. Thus, many couples seeking to get married think about the possibility of the marriage not working. While prenuptial and postnuptial agreements are not pleasant to draft or work through, they are useful and often very valuable documents to include in a marriage because they can address several potential divorce issues, such as alimony.

Finances are constantly thought about prior to, during and after marriage. Both spouses work hard to ensure they had enough money during a marriage; therefore, spouses will be concerned about their financial well being post-divorce. Thus, a spouse often requests spousal support or alimony during a Florida divorce.

Helping you secure alimony during dissolution

Filing for divorce causes spouses to consider all the ways this process could impact them in the future. While going from the married life to the single life is a huge emotional step, the financial future of a spouse tends to be in the forefront of some Florida couples ending their marriage. For those involved in a wealthy marriage, it can be difficult to imagine a life no longer surrounded by the same things. Because of this, some divorcing spouses request alimony as a way to secure a future that resembles his or her married life.

The spouse that was not the dominant wage earner in the marriage commonly requests alimony. It serves as a mechanism to ensure he or she can afford their post-divorce life and maintain the lifestyle they enjoyed during the marriage. At Fischer & Feldman, P.A., our experienced attorneys understand that seeking spousal support during dissolution is not always easy and straightforward. Thus, we are dedicated to helping spouses in the Hollywood area navigate this divorce issue, helping them protect their rights.

Fischer & Feldman, P.A.

450 North Park Road, Suite 500
Regions Bank Building
Hollywood, FL 33021

Phone: 954-241-1220
Fax: 954-927-4047
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