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What Impact Might Financial Windfall Have on Alimony?

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You may experience a financial windfall if you unexpectedly receive thousands or even millions of dollars at once. This may happen if you receive a great inheritance from a loved one, you win the lottery, or otherwise. But as the saying goes, with more money comes more problems. This is to say that while you may view your financial windfall as a positive, it may lead to extensive complications in your alimony order. What’s more, it may come with great financial responsibilities. Follow along to find out the kind of impact financial windfall might have on your alimony order and how one of the proficient Clarksville alimony lawyers at Fendley and Etson can help you manage your newfound responsibilities.

What types of new responsibilities might come with an unexpected financial windfall?

Understandably so, you may be excited about your unexpected financial windfall. But you must refrain from spending too much too fast, giving away too much to your loved ones, and overall being financially irresponsible. With that being said, your new net worth may come with these new responsibilities:

  • You may be responsible for updating your estate plan to accurately reflect your new net worth.
  • You may be responsible for handling the new tax implications that come with your new net worth.
  • You may be responsible for establishing a budget and financial strategy that keeps up with your new lifestyle.
  • You may be responsible for protecting your new assets from those who come after them via civil actions, creditor harassment, emotional abuse, etc.

Arguably most prevalent, your new net worth may have you become responsible for paying larger alimony payments to your former spouse each month.

What kind of impact might financial windfall have on my alimony order?

You may have received your unexpected financial windfall in the months or years following the finalization of your divorce. However, your final divorce agreement may have ordered periodic reviews with financial disclosures to be conducted. This may mean that your effort to keep your new net worth private from your former spouse may go in vain.

What’s more, your former spouse may take this newfound information to justify filing a post-judgment modification with the Tennessee family court. However, you may rest assured knowing that the court is not likely to order you to higher monthly alimony payments if it believes that the existing order already supports your former spouse’s needs. Even still, you must build a strong enough case that proves this argument as true.

When fighting for a fair and just post-judgment modification, there is no other than one of the talented Clarksville family lawyers to have in your corner. So please get in touch with us at Fendley and Etson today.