Are Permanent Alimony and Returning to the Workforce Your Only Options After a Long Marriage?
Certain social media accounts are dedicated to instilling in young men the fear that a pretty young thing will steal their hearts, and no sooner will the ink dry on the marriage certificate than she will be asking for permanent alimony. As many clicks as these accounts may get, and as entertaining as their hyperbolic descriptions of the sexes and of marriage may be, you can see through the hype. Permanent alimony is not even an option in these guys’ marriages, but it is in yours. Pretty young things do not get permanent alimony; the court does not even consider permanent alimony unless the parties were married to each other for at least 17 years, making early 40s the minimum age of permanent alimony eligibility. Furthermore, the court assumes that recently divorced people will return to the workforce if they are able, and then the alimony will simply make up the difference between the recipient’s employment income and the budget she used to live on during the marriage. If you were the breadwinner during a decades-long marriage, you will need to provide for your ex-spouse, but monthly alimony payments may not be the only way to do it. To get a realistic picture of how your finances will look after a long marriage and a high income lifestyle, contact a Boca Raton alimony lawyer.
Are You Rich Enough to Make Your Ex-Spouse Financially Independent?
The courts order alimony after marriages where one spouse depended on the other financially. Equitable distribution, with or without alimony, means that each spouse gets his or her fair share of the marital property, no matter how much or how little property the couple owned. Judges sometimes berate reluctant alimony payers by saying things like, “Your ex-spouse has no financial support other than you. If you don’t financially support her, the taxpayers will have to do it.” In cases of permanent alimony, the recipient spouse was usually out of the workforce throughout most or all of the marriage and is usually at or near retirement age.
The wealthier you are, the more options you have for giving your ex-spouse enough money to continue living a comfortable lifestyle without you writing an alimony check every month. For example, you might pay your ex a lump sum in the divorce, and she may invest it and derive investment income from it. Likewise, if your ex gets a house with a paid off mortgage as part of the divorce settlement, then her Social Security checks may provide all the cash flow she needs; she could also get rental income from renting out rooms in the former marital home with the paid off mortgage.
Contact Schwartz | White About Disentangling Your Finances After a Long Marriage
A South Florida family law attorney can help you avoid jeopardizing your comfortable retirement to support your ex-spouse. Contact Schwartz | White in Boca Raton, Florida about your case.