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Divorce is always complex, but the financial issues can be more complicated when a high-net-worth marriage ends. High earners who are going through a divorce can face unique challenges involving their wealth, reputations, and tax ramifications. A high-net-worth divorce lawyer could help you understand how spousal support in an Austin high-income divorce is managed. One of our experienced high-asset divorce attorneys at Kimbrough Family Law, PLLC, could help you move forward with tech-savvy, innovative advice while protecting your assets.
Spousal support is known under Texas law as spousal maintenance and can be awarded under certain circumstances, but it is not automatically given in all cases. If you are an Austin resident pursuing spousal maintenance during a divorce that involves significant wealth, you must demonstrate financial need, as outlined in Texas Family Code § 8.051.
For example, if your spouse was convicted of family violence within two years of the divorce filing, or while the case is pending, you could qualify for spousal support. Another example of financial need is if you can show you cannot meet minimum reasonable needs due to a mental disability, physical disability, or providing the primary care for a disabled child. Lastly, you could be owed spousal maintenance if you and your spouse have been married for over 10 years and you lack the work history needed to provide sufficient income for yourself, perhaps because you were a stay-at-home parent and out of the workforce for several years.
If you do qualify for spousal maintenance, state courts limit support to either $5,000 per month or 20% of the paying spouse’s gross monthly income, whichever is less, as described in Texas Family Code § 8.055. Time limits for spousal maintenance can also be set at five, seven, or 10 years based on the marriage’s length. In some rare cases, spousal support can last indefinitely.
When determining whether you qualify to receive spousal maintenance, the court will analyze the earning potential of both you and your spouse, your lifestyle during the marriage, and any prenuptial or postnuptial agreements that discuss spousal support.
When high-income couples divorce, the nuances surrounding spousal support can differ from standard cases for a few notable reasons.
In a standard divorce case, courts and attorneys typically review the parties’ pay stubs and sources of income to determine spousal support amounts. In high-asset divorce cases in Austin, couples tend to have vast financial portfolios, which can include:
This can require a detailed review to establish whether a spouse can receive financial support.
High-earning couples usually prefer to keep their affairs private whenever possible. A fight over spousal maintenance in court can make their personal finances a matter of public record, so many couples choose to negotiate spousal support outside of the court.
Spousal maintenance is no longer a tax-deductible cost, so each spouse should seek legal and tax-planning guidance as the divorce proceeds.
Knowledgeable attorneys understand what makes high-income divorce cases unique. We could work with you to negotiate a resolution that satisfies both you and your spouse.
Securing spousal support in an Austin high-income divorce can involve a wide range of factors, including the need to meet certain requirements under state law. To better understand your options, contact us at Kimbrough Family Law, PLLC today to schedule a consultation.
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