Did you devote your life to building a highly successful business? Did you spend the last decade supporting your spouse as they build theirs? If you are now facing a divorce, deciding who reaps the benefits of all that hard work becomes messy.
Battles over spousal maintenance (commonly referred to as alimony or spousal support) are not easy when the stakes are high. If you sacrificed your career in favor of your husband’s or you amassed your wealth with no assistance from your wife – or vice versa – every asset may be up for grabs. You deserve the lifestyle to which you currently enjoy. Don’t let a divorce end all that for you.
Formula used to calculate spousal support in Colorado
Colorado is one of the few states where the law establishes a formula to calculate spousal support. The judge may award the person who earns less money a monthly payment equal to 40% of the other spouse’s monthly income minus 50% of the lower-earners monthly income.
However, it’s never quite this simple when a high level of income is involved or the couple has numerous assets – such as pensions, IRAs, business interests, etc. – to split. The court uses other factors in addition to the arguments provided by your legal counsel. These include:
- Child support payments paid to or received by children from another relationship
- Alimony paid to another former spouse
- The assets and debts of each spouse after the distribution of marital property
- The lifestyle the couple enjoyed during the marriage
- The income, training, education and employability of each person
- The length of the marriage
- The age and health of each spouse
Although Colorado has a formula in place, it often does not apply due to the amount of wealth involved in the divorce. The court has the ultimate discretion to determine spousal maintenance. That is why it is so important to seek the advice of an attorney.