Divorce Settlement Modifications: What You Need to Know about Child Support
Can Divorce Settlements Be Modified?
Divorce settlements can be modified, but it is a difficult process and only possible under certain circumstances. Here’s what you might not know about what can and cannot be modified, such as spousal and child support, property settlements, and more.
Property Settlement in a Divorce
A property settlement can be modified but only if you can prove fraud, error, or a major mistake. It is critical to be aware of what you are agreeing to before signing the divorce settlement agreement.
- Timing. You might have to think about a couple of things if you are considering modification. In some states, there is a 30-day window to review the property settlement after it has been finalized.
- Fraud. Mistakes and fraud can lead to modification. The most common form of fraud is when one spouse hides assets. If you have any suspicions, you need to put together a good financial team to help you pursue any hidden assets.
- Technical Mistake. The second scenario, which is less common, is when some kind of technical mistake occurs. If there is a mistake in a calculation, then you can appeal for modification.
Spousal and Child Support
Spousal and child support can be modified, but this depends on the state where you live. If you lost your job, had a salary reduction, an illness or a disability, or remarried, then you can potentially modify spousal and child support.
Cases Where Divorce Settlement Might Be Modified
Upon remarrying, you might not have to pay those payments, depending upon the way your divorce settlement is worded. If your coParent cohabitants, you might not need to make the payments anymore. For recipients of spousal or child support, you also need to be aware of how new relationships might affect the payments. If one coParent’s income increases substantially, it could also be grounds for modification.
Shawn Leamon is the author of Divorce and Your Money: The No-Nonsense Guide. More on this subject can be found on Shawn’s podcast under the same title at www.divorceandyourmoney.com or https://itunes.apple.com/us/podcast/divorce-your-money-podcast/id1093624567