What Impact Does an Unexpected Financial Windfall Have on Alimony Payments?
When alimony is awarded to one spouse, the incomes and assets of each spouse is usually a factor in determining how much is paid out and how long an alimony agreement lasts. So what happens if one spouse suddenly comes into a lot of money? Does this financial windfall change the calculus at all? Your current alimony agreement may not need to be adjusted in response to a new source of money, but it is a good idea to talk to our Morristown alimony attorneys to find out where you stand.
What Happens if the Spouse Receiving Alimony Gets a Windfall?
Let’s first explore what happens if the spouse receiving alimony ends up getting a huge financial windfall. Alimony is meant to support someone as they become self-sufficient after a marriage ends. If that person receiving alimony comes into a lot of money that makes it easy to pay for their living expenses, do they really need the alimony anymore?
There is an argument to be made that they do not. If you are the paying spouse and you know that your ex has just received a lot of money, then you may want to talk about modifying or even ending your alimony obligation.
What Happens if the Spouse Paying Alimony Gets a Windfall?
When the person paying alimony gets a financial windfall, you may expect that they will end up paying more. This is rarely the case though. This is because the original alimony agreement was made with their ex’s needs in mind first and foremost.
Income and held assets can obviously be factors when hashing out an alimony agreement, but one person coming into some money does not change the material needs of their ex. Alimony was calculated to help them stay afloat and provide for themselves after a split. They should not suddenly need more just because their former partner has more money available to them.
When Should I Talk to a Lawyer?
So do you ever need to speak to a lawyer about your alimony agreement and a financial windfall? You could if you are the paying spouse and you believe that your former partner no longer needs to receive alimony. If their financial windfall is significant enough, the court might consider that request.
If you are the receiving spouse, you probably cannot get more alimony out of your ex because of their financial situation. However, if you are owed alimony or child support because your former spouse fell behind on payments, now may be a good time to make them pay what is owed.
Contact Our Family Lawyers
If you have questions about alimony and how a change in your income or assets could affect matters, contact Lazor Rantas, PC. We can schedule a consultation for you and take a closer look at your financial situation. If you need to go to court and argue for a chance in your alimony agreement, we will do everything that we can to assist you.
