New Jersey residents going through a high asset divorce probably know a thing or two about spousal support. No divorce is simple and having a high net worth can make it even more complicated. Spousal support is often awarded to the party in the divorce who is at a lower net worth in order to maintain the lifestyle that he or she is accustomed to having.
Recently celebrity Jane Lynch talked about her divorce from her wife of three years, Lara Embry. Ms. Lynch filed for divorce in June and Ms. Embry requested spousal support and payment of her attorney fees. Ms. Lynch said that she plans on giving a pay-out from some of her highest earning years because California is a “half and half state”. Celebrities and people with high net worth typically provide spousal support as a result of their divorce proceedings.
For those who are going through a high asset divorce, spousal support can be a critical issue. When a wealthy person goes through a divorce, he or she expects that when the divorce is finalized, they will be able to keep their typical lifestyle. There are lifestyle considerations such as social networks, club memberships, philanthropic activities, travel, and domestic help that are expected to be maintained. Often the amount of alimony is based on what is necessary for the lower income spouse to keep his or her current lifestyle. A documented account of what lifestyle a high net worth person is used to and what it takes to maintain that lifestyle is necessary for court proceedings in ensuring fair spousal support.
Source: Huffington Post, “Jane Lynch talks divorce aftermath: ‘It’s just money’,” Aug. 30, 2013
