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What Impact Does an Unexpected Financial Windfall Have on Alimony Payments in New Jersey?
Divorce is a significant life event that can have long-term financial effects on a couple. Understandably, money can become a substantial source of stress during and after divorce proceedings. In some divorces, one spouse may rely on the other’s income. The court may order alimony to minimize the unfair financial discrepancy between divorcing parties. This financial support can make making ends meet challenging for some individuals. However, you may feel your luck is finally changing if you receive a sudden financial windfall. While this unanticipated influx of money can help alleviate your financial trouble, it can also bring about a new set of complications concerning your alimony obligation. Please continue reading to learn how an unexpected financial windfall can impact your alimony payments in New Jersey and how our proficient Ocean County Alimony Attorney can help protect your interests.
What is an Unexpected Financial Windfall?
If you receive a large, unexpected sum of money, it’s considered a financial windfall. A financial windfall could be hundreds, thousands, or millions of dollars. There is no precise amount or threshold that constitutes a windfall. For instance, an unexpected $200 can be a windfall for an individual with a low income.
While winning the lottery may sound like a fantasy, financial windfalls can come from various sources. A financial windfall can come from a large inheritance, a smart investment that pans out, winning a lawsuit, a life insurance payout, an employee bonus, profit from a property sale, lottery winnings, and even a tax refund. Ultimately, what sets a financial windfall apart is that it’s unplanned, not part of your regular income or budget.
Will My Alimony Increase After an Unexpected Financial Windfall in New Jersey?
Alimony is one crucial aspect of a divorce with long-lasting financial effects. When you receive a sudden and large amount of money, it’s critical to understand how this drastic increase in wealth can impact your alimony payments.
Regardless of the circumstances, an alimony obligation will not automatically change. However, under certain circumstances, an alimony order can be adjusted. If you wish to modify your alimony payments in New Jersey, you must prove that there has been a substantial financial change in either party’s circumstances. This change must be involuntary. A petition must be filed with the court. It’s important to understand that an individual cannot petition the court solely because their former spouse has received more funds. They are burdened with demonstrating that their circumstances have also changed, which warrants modifying their alimony payments. It’s important to note that the court can grant alimony modifications. They will primarily examine the need and ability to pay.
Whether you are requesting a modification or opposing it after an unexpected financial windfall, please don’t hesitate to contact a dedicated attorney from the Law Office of Sarina Gianna, LLC, who can help protect your rights.
