When you and your spouse get married, you may begin living a certain lifestyle due to their income. Whether you have your own source of income or put your career on hold to raise a family, their earnings are key in supporting your lifestyle. As such, you may grow comfortable with how you live, which makes getting a divorce even more overwhelming. Many in this situation wonder if it’s possible to maintain the same standard of living after their divorce, especially in high net worth relationships. If this reflects your circumstances, you’ll want to keep reading to learn more about this process and how a Los Angeles high net worth divorce attorney can help.
What Is a Standard of Living?
The standard of living is a term used by the courts to describe the lifestyle maintained by each spouse before their divorce.
The courts take the standard of living established by each party into consideration to ensure both parties are treated fairly, especially in California. This is because the Golden State follows the community property method, meaning each spouse is entitled to an even split of marital assets, regardless of their contribution. However, the courts will also consider spousal support in instances where one spouse earns less than the other. This alimony can help the recipient spouse maintain a similar standard of living they enjoyed during the marriage.
Though this standard is factored into consideration by the courts, it doesn’t mean that it is always practical. If the standard of living established during the marriage is unable to be achieved due to a lack of assets by both parties, you’ll find that the courts will be unable to enforce these matters. Additionally, as a result of the divorce, it’s unlikely that both parties will have the same disposable income they had while married. As such, you may be unable to achieve the same exact lifestyle following your divorce.
What Can I Do to Prepare?
If you are going through a divorce, there are steps you can take to financially prepare for the process, as your lifestyle will likely change somewhat following a divorce. Though you may be able to live in the same house and drive the same car, it’s important to understand that you may need to cut unnecessary expenses out of your life. When you are down to one income, even while reaping the benefits of spousal support, you’ll need to make some adjustments, like limiting expensive vacations or other frivolous purchases.
It’s also important to understand that your life will change significantly following a divorce. Though you may maintain a similar lifestyle, it will be different navigating the world as a single person instead of a married person. Coming to terms with this is an important step in the emotional process of divorce that makes it easier for you to make important financial decisions during and after your divorce.
As you can see, there are many factors that will be taken into consideration during your divorce. That’s why it’s in your best interest to connect with an experienced attorney who can help you navigate these complex matters to ensure you receive a fair outcome during your divorce. At the Zitser Family Law Group, our firm has experience handling high net worth divorce cases, so you can rest assured that your future is in competent hands. Contact us today to learn more about these matters.
