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What Impact Does an Unexpected Financial Windfall Have on Alimony Payments?

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For many, money is a stressor. Whether you are constantly wondering how you will make ends meet or you have to consider where you will invest your funds for the best outcome, money can be a significant source of stress and anxiety. This stress only increases when you and your spouse divorce and you are ordered to make alimony payments to them. However, when you experience a sudden financial windfall, you may feel like your luck has changed. It’s essential to understand, however, how this sudden influx of money can impact your spousal support obligations. Keep reading to learn more and discover how a Somerset County alimony lawyer can help you.

What Is Unexpected Financial Windfall?

Any time someone comes into large, unexpected amounts of money, it is considered a financial windfall. Generally, the most common situations include receiving a large inheritance upon a relative’s passing, winning a personal injury lawsuit against a negligent party, or winning the lottery. However, you can also experience this by making financial investments or selling real estate.

It’s imperative to note that many people who receive sudden and large amounts of money are often overwhelmed by this drastic increase in wealth and can manage it poorly. If you have alimony obligations to your spouse, understanding what can happen to your payments before making large purchases is critical.

Will My Alimony Payments Increase if I Come into Money?

When you come into money suddenly, it’s important to note that your alimony payments will not automatically change. In general, the recipient spouse must petition the court to receive a modification to the payments they receive. However, they cannot petition the court solely on the fact that you have received more funds; they must prove their circumstances have changed as well and warrant an increase in alimony payments.

However, it’s essential to understand that, ultimately, it is the judge’s discretion to grant alimony modifications based on the unique circumstances of the case before them.

Should I Contact a New Jersey Lawyer?

Because the circumstances of your case will influence the outcome, connecting with an experienced attorney if you come into money and your ex-spouse requests an increase in alimony payments is in your best interest.

A sudden financial windfall can change your life, as you may be able to pay off debts or help your children attend their dream college. As such, the team at the Siragusa Law Firm can help. We understand how complex these matters can be, which is why we will do everything in our power to assist and guide you through these challenging times. When you have concerns, we can help. Contact our team today to discuss the details of your case with a member of our competent and committed firm.

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