Disclaimer: This article does not constitute legal advice. If you have any questions about your individual situation it is best to seek the advice of an experienced legal professional.
If you and your spouse are both high earners and you have independent income, you might be wondering if it’s worth it to establish spousal support as part of your California divorce. You might also wonder whether you are required by law to support your ex-spouse after you divorce.
Do I Have to Support My Spouse in my California Divorce?
In California you don’t have to pay spousal support unless one or both spouses wants it. People who can’t agree about things like how much spousal support should be awarded often have to go to court to let a judge decide. However many high net worth spouses find that spousal support is something that keeps them tied together unnecessarily and complicates the divorce process.
What’s the Correct Way to Waive Spousal Support in a Divorce?
If you want to waive spousal support in your California divorce you must make a prenup where you are advised by legal counsel. You will need to show that you have had independent legal counsel and are fully on board with the decision. As spousal support is intended by law to provide for parties after divorce, it’s important that the premarital agreement is acceptable to both parties and compliant with California law. If you get a divorce and you don’t have a prenup, you can still adjust spousal support to your needs. Your marital settlement agreement must be carefully drafted by highly skilled divorce professionals. Our West Coast Divorce Mediators often work with divorcing couples who are high earners and/or came to the marriage with independent wealth. We assist people who are getting a prenup to clarify their assets and have an honest conversation about finances when they are embarking on their marriage. Doing this can be a caring way of addressing serious issues and putting protections in place for both of you after your divorce.
Why Do Higher Earning Spouses Want to Waive Spousal Support?
If you are ready to get a divorce and you want to go your separate ways without paying spousal support, you can waive spousal support in your prenup or adjust spousal support significantly in your marital settlement agreement. The Tax Cuts and Jobs Act changed the law so the payor of spousal support no longer gets a tax deduction, which may make it less worthwhile for higher earners to pay spousal support. However if you still want to make sure you and your spouse are financially secure after divorce, this will involve a careful consideration of the overall marital estate, with a view to maximizing the community property and minimizing any tax impacts.
At Divorce Options San Diego, we have expertise in finance, math and the law. We work with divorcing spouses with significant assets who want to take time and care with drafting an equitable, smart and fully compliant marital settlement agreement. We use our financial expertise to model scenarios that can assist with decision making about the division, exchange and sale of marital assets in a divorce including real estate, executive compensation and deferred compensation, complex trusts, foreign assets and business interests.
We help you streamline the form-driven process of getting a California divorce. We are a full service firm who handle documentation and can assist with many logistics associated with divorce and embarking on a new life. Divorcing spouses can leave the marriage on good terms by working carefully with their spouse to divide their assets so that in many cases no one needs to depend on spousal support and divorce represents a fresh start. We have offices in Silicon Valley, CA, Berkeley, CA and San Diego CA, and can mediate your divorce remotely or in person. Please contact us to learn more about our divorce mediation services.
