Are you recently divorced? Has your former spouse sold a business or asset for far more than what it was valued for when your divorce agreement was finalized? You should know that you might have some options when it comes to seeking a post-divorce modification.
Sadly, many people are unfamiliar with divorce modification. An important thing to remember is that if you or your former spouse’s job status, income or residency has dramatically changed, you could potentially seek a revision to your settlement agreement.
- A job loss or promotion causing a change in income
- Serious illness or injury causing relocation or a change in income
- Parental relocation
- The failure of a person to comply to a child custody arrangement or spousal support provisions in a divorce decree
- The failure to abide by property division requirements in a divorce settlement
Former Dodgers Owner Wins Post-Divorce Appeal
We bring up post-divorce modifications because recently a California appeals court rejected a bid by the ex-wife of former Los Angeles Dodgers owner Frank McCourt to toss out their divorce agreement.
According to the Associated Press, Jamie McCourt sought a post divorce modification because she said that Frank did not provide accurate estimates of the team’s value during their divorce proceedings.
Following the couple’s divorce, Frank sold the team for more than $2 billion. Jamie reportedly agreed to a $131 million payment in their divorce agreement, prior to the sale of the team. In her post divorce case, she claimed that she did not receive an accurate evaluation of the team’s value prior to its sale; instead, she agreed to a payment far less than the team’s actual value.
Working with an Attorney on a Post-Divorce Modification
As this case shows, if you or your former spouse experience a significant financial change following your divorce, it may be in your best interest to speak to an attorney. This goes both ways. If you sell an asset following your divorce and you receive a considerable amount of money (more than expected), your former spouse could potentially seek a modification for her or her alleged share of the worth.
Make sure either way that you receive expert legal advice, as the failure to do so could prove incredibly costly. Keep in mind, our attorneys have more than four decades of experience in family law negotiations.
Continue to follow the family law section of our blog for more information about divorce issues.
Kantrowitz, Goldhamer & Graifman, P.C. – Divorce Attorneys