Agreements To Pay Spousal Support -- Things To Watch Out For
|
If you are negotiating spousal support during a divorce or legal separation, it is important that you be careful while accepting the terms and conditions. In case you accept anything, remember it is not easy to change or alter spousal support. In fact, the process is complicated and you just cannot ask a judge to change the order because your ex-spouse has come into some recent money.
|
In fact, most states in the US first check to see whether there is a change in financial circumstances before changing a person's obligation to pay support to the ex-spouse. Here the change in circumstances could be viewed as the increase or decrease in the ability of the person to pay, or an increase or decrease in the needs of the spouse who is being supported. Therefore, this means that the change of support can occur any time when the person has access to funds or there is a significant appreciation in the assets that the person has.
If you are negotiating spousal support, you should insist that the order contains a detailed list of future events that would make up the change in financial circumstances. For example, if either party will be withdrawing penalty-free money from a retirement fund at a certain point in the future, the order to pay support to the spouse should categorically mention that this withdrawal will be seen as change in financial circumstances.
Remember, drafting a spousal support agreement is quite technical and the attorney should be qualified enough to know all the drawbacks. As time has gone by, the courts have made special rules related to the amount, duration of support, changes in the support and tax outcomes. When negotiating the support, you should insist that your attorney pays special attention to the terms of the agreement. If you do not do this, the consequences in the long term would not be favorable for you.
|
