25 Dec Spousal Support and the High Asset DivorcePosted in High Asset Divorce
In Illinois or elsewhere, a high asset divorce typically involves complex property division and other financial matters that must be resolved. In the divorce case of actor Tom Welling and his wife, animals and other property were divided. The high asset divorce order also includes an unusual spousal support agreement as well.
Welling has been ordered to pay his wife 20 percent of his monthly income for a period of five years. This is an unusual arrangement because the spousal support payments are not based on a set amount, as is normally the case. Anything that the actor makes over $5 million is not included in the 20 percent calculation.
Spousal support is often granted to the lesser earning spouse in divorce proceedings. Courts consider many factors when determining the amount and the duration of spousal support payments, including the length of the marriage, the income of the two parties and any special needs. Many higher earning spouses execute a prenuptial agreement before marriage, protecting certain assets and outlining how property will be divided in case of divorce. Post-divorce financial support can also be specified in a prenuptial agreement. It is not clear if Welling and his ex-wife had a prenuptial agreement.
A high asset divorce is complicated, particularly with regard to asset division. A prenuptial agreement can be a practical step for couples of any income level. If considering marriage or facing divorce in Illinois, it makes good sense to gain an understanding of the options for putting legal protections in place or seeking needed financial support.
Source: tmz.com, “Tom Welling: Super Rich Divorce Settlement“, Nov. 22, 2015
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