A person’s standard of living is the lifestyle they’re accustomed to living. Someone who has a net worth of over $1 million will have a much different standard of living than a person who has an annual income of $12,000. While most people don’t think much about their standard of living, someone who’s going through a divorce might quickly realize that this is a big deal.
When you divorce, you’ll have to count on only the income you bring in. This can be especially problematic for people who were stay-at-home parents or spouses. It’s also an issue for those who had a spouse making the lion’s share of the income.
What role does a standard of living have in a divorce?
The standard of living can come into the picture when there’s a considerable income difference between the two parties. There’s a chance that the court will make orders in a divorce that help to ensure both parties can keep up with their current standard of living. In some instances, this means ordering alimony.
Standard of living also comes into the picture when there are children involved. The court will want to ensure the kids are able to remain as close as possible to the standard of living they’ve known growing up. This can play a role in the child support portion of the divorce.
Anyone who’s going through a divorce should recognize that it may come with some financial changes. Having someone on your side who can consider how each option you have will impact your ability to live life in the manner to which you’re accustomed is valuable. High-asset property division cases are often contentious, so being able to protect your rights is critical. Be sure that you start working on your side of the matter quickly so you don’t have to make rushed decisions.