What to do about a settlement agreement and a loss of income?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a settlement agreement and a loss of income?
It relates to what was negotiated within the agreement and the difference of financial status then to financial status now. The divorce was final 4 years ago (at that time, the ex-husband had a 6 figure income and a $600K house). The payments of alimony/child support were paid for the negotiated 4 years (so ended this month and the children are grown – 22 and 21 years old). Fast forward to the current situation, due to the recession, the ex-husband had to short sell his house 2 years ago (take a huge financial hit) and now earns $73.
Asked on August 29, 2012 under Family Law, Oregon
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The way to try and make sense of the current situation is for your to carefully read the marital settlement agreement that was entered into four (4) years ago. The agreement sets forth the obligations owed to you by your "ex" and vice versa. If he has abided by the settlement agreement and due to economic conditions he is making much less per year, then most likely you are a casualty of the recession as well. I suggest that you consult with a family law attorney about the matter you have written about for a better detailed look at the marital settlement agreement.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.