Divorce is an emotional and exhausting process. It can be appealing to agree to anything just to get the process over with. Acting hastily, though, could cost you dearly in the future.
In particular, in high net worth marriages, one spouse is often financially dependent on the other. While there can be many reasons for this inequity, it becomes an essential issue to resolve during a divorce.
What constitutes a high net worth divorce in Texas?
While there is no formal definition of a high net worth divorce in Texas, a couple with extensive assets or a complicated financial portfolio would most likely qualify. As a generalization, the court considers a couple with assets totaling over $1 million high net worth.
How can a financially dependent spouse receive alimony?
In Texas, courts do not automatically grant spousal support. If a spouse wishes to pursue a claim for alimony they must first provide evidence that he or she is eligible. Eligibility requirements may include:
- A marriage lasting 10 or more years
- The dependent spouse has a disability
- A history of family violence
- The spouse cares for their disabled child
How much alimony can the court grant?
Once the court determines that the dependent spouse is eligible, the court can order monthly alimony in the amount of 20% of the paying spouse’s gross income or $5,000, whichever is less.
Divorcing parties may agree on spousal maintenance outside the parameters set by the court. If you seek spousal support above $5,000 per month you can negotiate that in your divorce agreement.
If you are a financially dependent spouse navigating a high net worth divorce you may qualify for spousal support.