What happens when a couple used to the finer things in life gets divorced? In some cases, it could depend on the real estate market or a host of other seemingly unrelated factors. Spousal support, or money that is paid to one spouse by the other following a divorce, is assessed based on a range of factors. The intention behind spousal support is to ensure that neither party suffers from economic hardship as a result of the marriage’s breakdown and often takes into account the length of the relationship, economic positions, and the role that each spouse played in the relationship.
Basing Future Support On Past Income
A recent case in Vancouver involving a luxury real estate agent raised some important questions regarding how to base future spousal support payments. According to the B.C. Supreme Court judgment, the agent has earned in excess of $13 million dollars over the span of seven years. As a result, he and his family have enjoyed a lifestyle that included private schools, golf and country club memberships, and several annual vacations.
Anticipating A Shift In Lifestyle
Due to the recently the implemented foreign buyers’ tax, more stringent mortgage rules, and the rise of interest rates, Vancouver’s market has slowed down which means that a career as a Realtor may not be as lucrative as it was a few years ago. Now, the agent in question and his legal team are arguing that because of the current real estate market, the lifestyle that he and his family had once enjoyed is no longer sustainable and that this should be reflected in the spousal and child support payments.
Regardless of how much money a couple contributed to a marriage, navigating spousal support can be complicated. Working alongside an experienced lawyer means getting legal advice and guidance about divorce and spousal support.