In "Breaking Up Is Harder To Do", a story written by Patricia Hurtado and Laurel Brubaker Calkins appearing in the January 25, 2009 New York Post, Irene Georgakis found her husband "is balking at paying support and using the recession to claim poverty after making millions during the marriage".
The report states that math has to be redone when assets proved less than they counted on when they split up.
At a January 12, 2009 hearing in Stamford CT a former Bear Stearns executive who WAS making $1,000,000+ annually petitioned to cancel a court order increasing alimony to his ex wife from $25,000 to $87,000, including retroactive payments. The executive's lawyer stated he lost his fortune, the equity in Bear Streans and that he cannot suport his present family in any way.
Divorce lawyers and battling spouses may wish to consider another option when negotiating a divorce settlement...the Divorce Structured Settlement. The above case is a dramatic example of where a divorce structured settlement might have saved a lot of heartache. When the going is good the parties agree to a fixed stream of payments, the paying spouse pays a sum of money to a non qualified assignee which takes on the obligation to make the negotiated fixed payments and purchases an annuity to fund the obligation. Instead of a couple of million dollar him or her, you can rely on a $70B-150B it!
A divorce structured settlement assures that payments are "on time every time"*.
Divorce Structured Settlements...On Time Every Time is a registered trademark of 4structures.com, LLC (4/2009)