Even people with substantial assets can find themselves burdened by spousal support obligations. Luckily, you can request a change the to original support ruling, regardless of your financial status.
This article explores the complexities of alimony modifications in Florida. It covers the qualifications, process, and more.
Overview of Alimony Modifications in High Net Worth Divorces
Spousal support is based on the payor’s income and recipient’s needs at the time of divorce. When financial circumstances significantly change, the court may allow alterations to the alimony agreement.
Only the court can approve such modifications, and you must meet strict requirements before it does.
Grounds for a Spousal Support Modification in Florida
Substantial Change in Circumstances
If there has been a significant change in either spouse’s financial situation, it may be possible to change your spousal support obligations. Examples include a decrease in income or an increase in expenses.
Involuntary Job Loss
An involuntary job loss or reduction in employment can be valid grounds for modification, provided that the change was not the payor’s fault. This standard could also apply to the recipient, as a job loss means they will need more financial help.
Changes in Health
Significant changes in health conditions require more or less support, depending on the circumstances.
Co-Habitation or Remarriage
If the recipient spouse starts cohabiting with a new partner or gets remarried, it may be possible to alter or terminate alimony.
Excessive Receiving Spouse's Income
If the receiving spouse's income increases significantly, you can argue that they require less support.
The Challenges of Requesting an Alimony Modification After a High Asset Divorce
Ultimately, you must prove to the court that an alteration is necessary. If you have a high net worth, it will be difficult to make this argument.
Often, courts will be skeptical about support modifications when you have substantial assets. They assume that you want to avoid your financial obligations. You will need solid evidence that proves your alimony payments are harming you financially.
Such evidence includes:
- Pay stubs
- Tax returns
- Financial records
- Medical records showing a change in health
Often, you must present this evidence together. For instance, imagine you have developed a chronic health issue that keeps you from working. Your current financial situation may be healthy, but you no longer have income. You may need to rely on the assets you have for treatment and general quality of life.
Whatever your situation, make sure to get help from a good attorney when asking the court to change a spousal support ruling.
Pros & Cons of Seeking an Alimony Modification in Florida
You may have noticed that many of the requirements above could swing both ways. When the payor is making less money, they may be able to pay less in support; when the recipient makes less money, they could receive more support.
You must be mindful of each spouse’s circumstances before making your request. The request could uncover information that forces you to pay more when you’re trying to spend less.
Your ex-spouse can also oppose the modification. This action could lead to a prolonged legal battle. This is an emotionally draining experience, and it could cost you even more of the money you’re trying to save.
Work closely with your attorney before taking any action against a prior court ruling. They have the investigative skills and legal know-how to help keep you from making your situation worse.
Russell S. Hershkowitz, L.L.C. is here to help you build a strong case for spousal support modifications. We can also review your case and give you other options when necessary. For a consultation, contact us online or call our office at (407) 753-4111.