My jurisdiction is: Massachusetts
Hello, I have been divorced for 6 years. My Ex got 50% of all assets (fairly significant $$'s) and custody of our son who is in high school and likely to go on to college. The Marital Separation Agreement states that my ex gets 35% of my annual income and bonus (if any). The last monthly sum was roughly $3800, 2/3 of which is for CS and 1/3 for alimony. My ex does not work, although she is a qualified nurse. As the agreement states that CS and alimony payments are a percentage of my base income my ex has insisted that the monthly sum be increased each year when I got pay increases. I had no problem with that and increased the sum annualy and have never missed a payement.
Change in circumstances. I just recently lost my job (like so many others) and will receive a small severance package of which my ex and child will get 35%. I am agressively looking for a new job but it is likely to take some time and it's unlikely I will be able to get the same salary. I will be entitled to claim unemployment benefits but that will not even cover the $3,800 a month I currently pay my ex.
I have assets and savings I can draw on to pay my mortgage and health insurance for me and my kid and my ex has similar assets and savings as she received 50% of all assets.
However my ex is likely to still want the current $3800 and tell me to pay for it out of my savings. What are my options? Can I take the 'letter of the law' in the agreement and just pay 35% of my income (this would be unemployment payments until I get a new job). Or do I need to formally ask for a tempory adjustment??
Any and all input and advice welcome.
Hello, I have been divorced for 6 years. My Ex got 50% of all assets (fairly significant $$'s) and custody of our son who is in high school and likely to go on to college. The Marital Separation Agreement states that my ex gets 35% of my annual income and bonus (if any). The last monthly sum was roughly $3800, 2/3 of which is for CS and 1/3 for alimony. My ex does not work, although she is a qualified nurse. As the agreement states that CS and alimony payments are a percentage of my base income my ex has insisted that the monthly sum be increased each year when I got pay increases. I had no problem with that and increased the sum annualy and have never missed a payement.
Change in circumstances. I just recently lost my job (like so many others) and will receive a small severance package of which my ex and child will get 35%. I am agressively looking for a new job but it is likely to take some time and it's unlikely I will be able to get the same salary. I will be entitled to claim unemployment benefits but that will not even cover the $3,800 a month I currently pay my ex.
I have assets and savings I can draw on to pay my mortgage and health insurance for me and my kid and my ex has similar assets and savings as she received 50% of all assets.
However my ex is likely to still want the current $3800 and tell me to pay for it out of my savings. What are my options? Can I take the 'letter of the law' in the agreement and just pay 35% of my income (this would be unemployment payments until I get a new job). Or do I need to formally ask for a tempory adjustment??
Any and all input and advice welcome.