You may expect to experience a difference in your financial situation in the aftermath of the divorce. Specifically, you may expect such a change to be negative, as you may struggle to become a financially independent individual for the first time in a long time. What’s more, you may need some time to recover from the financial toll your divorce proceedings had on you (i.e., attorney fees, court fees, lost assets, etc). However, on the off chance, this change may be a positive financial windfall. Read on to discover how your unexpected financial windfall might affect your alimony order and how a seasoned Bergen County alimony attorney at McNerney & McAuliffe can work to protect your assets.
How might I experience unexpected financial windfall?
First of all, the general definition of financial windfall is when you receive a large and likely unexpected amount of money. This may be thousands or even millions of dollars that instantaneously upgrade your status as a high-net-worth individual. Without further ado, you may experience financial windfall after your divorce in the following ways:
- You may have had a big success in one of your investments.
- You may have gotten a significant raise or promotion at work.
- You may have sold a large asset or your business for a large amount of money.
- You may be the jackpot winner of the lottery or the winner of a high-stakes bet in gambling.
- You may be the beneficiary of an inheritance or life insurance payout from a loved one who has unfortunately passed away.
- You may have received a significant amount of compensatory damages or a high settlement offer in a personal injury claim.
How might unexpected financial windfall affect your alimony payments?
Upon hearing about your financial windfall, your former spouse may argue that this was a marital asset that they are equally entitled to. Otherwise, they may argue that you have a greater means to provide them with additional financial support. Either way, they may petition for a post-judgment modification with the New Jersey family court. Rest assured, there are arguments that you may fight back with, and they read as follows:
- You may argue that the tax implications of your financial windfall do not allow for an increase in alimony payments.
- You may argue that the increase in the cost of living since your marriage does not allow for an increase in alimony payments.
- You may argue that the standing alimony order already maintains the lifestyle your former spouse carried during your marriage.
- You may argue that your former spouse remarried or is otherwise financially dependent on another partner and does not need an increase in alimony payments.
When fighting for a fair and just post-judgment modification, there is no other than a competent Bergen County family law attorney to have in your corner. So please get in touch with us at McNerney & McAuliffe today.
