What to do about a settlement agreement and a loss of income?

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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 8 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.


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