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The role of money in divorce

On Behalf of | Jun 28, 2022 | Divorce

t’s rare that both parties to a marriage earn the same amount of money each year. In a Virginia divorce case, the fact that one spouse makes more than the other may influence how property is divided in a final settlement. It may also play a role in determining if you are entitled to spousal support, how much you’re entitled to and how many payments you might receive.

Income can play a role when calculating child support payments

If you share a child with your spouse, you may be entitled to child support payments. This is typically true if you are the custodial parent, which means that your son or daughter primarily lives in your home. However, if the other parent earns a higher salary, that person may be required to pay child support despite having custody of the child.

Will an income disparity increase the risk of a divorce?

Until the last couple of decades, husbands were the primary breadwinners while their wives were primarily responsible for running the household. However, in recent years, it has become more common for wives to make more money than their husbands. A financial imbalance may be problematic if the spouse who earns more treats the other as less than equal. It can also be problematic if the partner who stays home isn’t willing to do any of the housework.

Other factors may come into play in a divorce settlement

If you are in the process of getting a divorce, don’t assume that your income alone entitles you to spousal support or other assistance. For instance, you might not receive any help if you have $1 million in the bank or have the ability to earn sufficient income to support yourself as a single person.

Ending a marriage may have a significant impact on your finances regardless of how much you earn each year. Prior to initiating divorce proceedings, it may be a good idea to obtain financial documents that may help establish why you might be entitled to spousal support, child support or other assistance.

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Attorney Harvey S Lutins