What are reasonable income needs?
We have, in the last week or so, seen in the news that a former supermodel has been making some very substantial, and frankly rather demanding!, financial claims against her former husband within their divorce process.
This particular lady was married to a man who is described by the media as a 'Saudi Billionnaire' and so perhaps we shouldn't be surprised that her expectations are amazingly high. She is claiming many millions of pounds to continue with the lifestyle which she says she has become accustomed to during their 13 year marriage. Of course, the media have jumped on the opportunity to report about the claims that she is making in order to support her income 'needs'. This includes such things as hundreds of pounds a day to enable her to enjoy the opera! Not perhaps something that we ordinary, average folk would consider essential!
However, what would you normally expect to see in these sorts of situations? It is important to know that when you are in a marriage, the standard of living that you enjoy during that marriage is a relevant factor to be taken in to account when looking at resolving financial issues upon separation and divorce. That's not to say though that people must be able to carry on in the same way that they did before separation, or that people can suddenly start living a lavish lifestyle around the time of separation or just after it, in the hope that all of those needs will then be met.
It is well worth remembering that the financial resources that a couple have when they are married do not normally expand and become greater upon separation and divorce. Often, couples and families have to look at providing 2 homes for themselves and their children out of the same amount of money that they enjoyed whilst they were living together in the same place. For most ordinary people already living to their means, this can be particularly challenging. Accordingly, it's worth taking a realistic approach to what is really needed and affordable in the hope that further disputes can be avoided. More dispute at such a difficult time will inevitably lead to further costs trying to sort everything out - which in turn, brings with it massive financial pressure.