While New Jersey couples in high-asset marriages know that some of the money earned while they are together belongs to them both, what happens after the divorce? If one former spouse suddenly starts making a considerable amount of money post-divorce, is the other party entitled to those funds? Consulting with our high asset divorce attorney in Livingston, Bayonne and Jersey City can help clarify these complexities.
Income isn’t marital property post-divorce
Generally, the money that ex-spouses earn following a high-asset divorce is theirs alone. However, in some cases, an ex-spouse can receive additional funds after the decree is final if you receive assets that you technically accrued when you were still married, such as bonuses, commissions, etc. Yet, what happens if your business suddenly begins making a lot more money following your divorce? That picture is a little murkier.
The one area where your ex-spouse would most likely have to pay additional money is child support. You will probably know or discover that your ex-spouse’s business is making more money or that their salary has significantly increased. In these cases, you can petition to have the amount of support increased according to the state child support formula. Alimony payments are more difficult to predict as the modifications often depend on state laws and the opinion of the judge who hears the case. Our Jersey City, Bayonne and Livingston family lawyers frequently assist clients with these post-judgment modifications in the Hudson and Essex County court system.
How can I get additional support money?
The idea of child support and alimony payments is to provide you and your children with the same standard of living after your split. In circumstances where your ex-spouse suddenly starts to earn considerably more money, you may be able to appeal your divorce agreement.
You may have a better chance of success if you can prove that the original divorce agreement is inadequate for your needs. Outlining how much your current situation costs may work toward getting increased payments from your ex-spouse’s salary.