“What is mine is yours” may sound romantic, but it should not apply to everything, especially if you want to protect certain assets in the event of a separation. In Florida, alimony or spousal support can become a major concern for high earners as it can lead to substantial and long-lasting financial obligations.
Understanding alimony
The main purpose of alimony is to help the lower-earning spouse maintain financial stability and adjust to life after the marriage ends.
Spousal support is not guaranteed in a Florida divorce. Instead, the court weighs several factors, such as the length of your marriage, each spouse’s income potential, the lifestyle you shared and whether one spouse truly needs financial support.
What you own could affect what you owe
In a Florida divorce, the court divides property based on equitable distribution, but that does not guarantee a 50/50 split. Instead, the judge decides what is fair based on multiple factors, some of which can also influence alimony.
That is why how you categorize, document and protect your assets can have a direct impact on what you may be required to pay in spousal support.
Legal tools to limit alimony
To help minimize the risk of excessive alimony, consider these legal strategies:
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- Prenuptial and postnuptial agreements: These agreements can be strong tools for limiting or avoiding alimony. A properly written prenup or postnup can outline exactly how spousal support will work, whether that means setting a limit or choosing to waive it entirely. In Florida, courts usually enforce these agreements if both spouses signed willingly and shared full financial information.
- Forensic accountant: An accountant can help determine each spouse’s true income, assets and financial needs during a divorce. This helps the court decide if alimony is truly needed or if one spouse is inflating expenses or hiding income.
- Separating nonmarital assets: Nonmarital assets include property you owned before the marriage, as well as gifts, inheritances or trusts. Keep clear records and avoid mixing them with shared funds. This helps protect your assets and may lower the chance of paying more in alimony.
Taking proactive steps to protect your assets is not about avoiding responsibility. It is about keeping things fair and avoiding support payments based on false or misleading financial information.
Preserve what is lawfully yours
Whether you are preparing for marriage, navigating a high-stakes divorce or seeking to secure your legacy, proactive planning is essential. It is about making informed decisions within Florida’s legal system. Working with experienced legal professionals can help you avoid costly mistakes and protect your family’s long-term stability.