Most people believe that divorcing with wealth must surely be easier than getting a divorce with few valuable assets. In a real-world scenario, the opposite is typically the case.
Wealth and high-value assets nearly always complicate divorces in Morristown, New Jersey. When one spouse is seeking alimony, divorce becomes even more complex.
Your standard of living affects alimony decisions
In wealthy marriages, one spouse usually brings significantly more valuable assets into the union than the other spouse. Throughout the marriage, spouses establish and enjoy a marital standard of living, even if only one spouse is wealthy.
If divorce enters the picture, alimony is often a hotly debated topic. The spouse with fewer separate assets wants a portion of the other spouse’s wealth. New Jersey courts address this wealth disparity by looking at the couple’s established standard of living.
Define your marital standard of living
When divorcing, you must complete a form defining your marital standard of living for the court’s perusal. The form is a legal document and must contain only facts supported by evidence (financial documents, etc.). In a high-asset divorce, establishing your marital standard of living improves your chances of winning alimony.
Three examples of information to submit when defining your standard of living include:
- Each spouse’s income
- Joint lifestyle expenses
- Summary of marital assets
Although it may seem easy to define and thus establish the lifestyle standard you enjoyed while married, it is more complicated than you might imagine.
- No detail can go overlooked.
- No expense is too small to include.
- No marital asset should be omitted.
- Accuracy is of vital importance.
The judge in your case uses the details you and your spouse submitted to arrive at a fair and balanced alimony amount for the less wealthy spouse.
We recommend familiarizing yourself with all of New Jersey’s divorce and alimony laws if you are ending your high-asset marriage.