Modifications to Alimony Agreements
In many marriages, spouses have significantly different levels of income, and sometimes, one spouse agrees to be the sole financial provider for the couple. Should couples in this situation decide to divorce, the spouse who serves as the main financial provider might be required to pay alimony, or spousal support, to his or her spouse during and even after the divorce so that other individual can maintain the lifestyle that he or she has grown used to during marriage. However, these alimony payments may need to be modified over time, and it’s important to understand your rights and options when it comes to altering alimony agreements.
Why Might You Need Alimony Modification?
Modifications to alimony arrangements might become necessary for a number of reasons and can be prompted by the changing financial situation of either the paying or receiving individual. For instance, an ex-spouse may request modification because of the following:
- Remarriage of receiving individual
- Increased income of recipient
- Paying individual suffers a loss of financial stability
Any of these could result in a changed alimony agreement so that both individuals are treated fairly in consideration of their financial situations. However, it may be necessary to enlist the help of a knowledgeable attorney in order to reach an agreement that best suits your needs.
Changes in your financial situation, whether you are paying or receiving alimony, can be hard to contend with if your alimony agreement is not updated accordingly. Fortunately, the qualified divorce attorneys of Alexander & Associates can help you through this process. Contact our offices at (972) 420-6560 today to discuss your case and learn more about how we can help you.