How Can an Unexpected Financial Windfall Impact My Alimony Payments in New Jersey?

When you come into a large sum of money unexpectedly, it can be the change of luck you need. Unfortunately, many people struggle to make ends meet, meaning a sudden influx of funds can change their lives. As such, understanding the impacts a financial windfall can have is critical. One aspect you may be concerned about is whether alimony payments made to your spouse will increase due to your newfound funds. If this reflects your circumstances, you’ll want to keep reading to learn how New Jersey alimony attorneys can assist you with any issues you may face.

What Is a Financial Windfall?

You may find that money enters your life at a steady pace. Whether you get paid every two weeks or receive a small bonus here and there, you can likely estimate how much income you will generate at any given point. However, when you suddenly receive a large sum of money, often seemingly out of nowhere, knowing how to proceed can feel overwhelming.

Generally, a financial windfall occurs when you receive a considerable and often unexpected amount. In most instances, anything over $1,000 is considered a windfall. You can obtain this money through an inheritance, investment, getting a considerable promotion at work, or even by winning the lottery.

If I Come Into Money, Will It Impact My Alimony Payments?

Generally, when you receive an increase in income, whether it’s from your job or an inheritance, you may wonder if it will impact your alimony. In most instances, your spousal support obligations will not change.

If your ex-spouse discovers your sudden funds, they may petition the court for a modification to increase alimony. However, they would need to prove they need the funds. Alimony is generally granted based on the standard of living established during the marriage. As such, your spouse was not used to having the income you currently have, so the courts would likely not grant this change.

However, depending on the conditions of your divorce decree, you may find that you and your spouse agreed to pay alimony based on your funds. If this occurs, your payments could automatically increase, as that was what was agreed upon.

Should I Connect With a Lawyer if I Have Concerns?

Connecting with an experienced divorce attorney to discuss your concerns is vital when you come into money. Unfortunately, you may find that your ex-spouse wants to take advantage of your change of luck. As such, doing what you can to protect your money is essential.

Haber Silver Russoniello & Dunn is here for you if you need assistance. We understand how complex these matters can be, which is why our team is ready to guide you through them. Connect with us today to learn how we can help you protect your money if your ex-spouse wants to change the terms of your alimony payments.