Divorce: credit crunches into spouse payments

With the Financial Crisis looming over all of us, divorcee’s of high earning City workers could see their ex-bread winning spouse out of a job or taking big drops in salaries due to their bonuses being cut this year. This news could come as a huge shock when the spouse is unable to keep up maintenance payments, and may find themselves receiving letters from the ex spouses solicitor saying just that.

The ex spouse who is receiving maintenance via the divorce settlement may be asked to accept a much lower monthly payment as bonuses, income and redundancy money dries up.

Maintenance and child school fees could all be reviewed at court, although lawyers have said it’s not as simple as reducing payments when the paying ex spouse hits hard times. With the procedure being costly, it may be advisable to try and keep some contact with your ex-spouse to arrange a temporary arrangement that you both find suitable in these difficult times, we do also appreciate it’s not always that easy to communicate with your ex.

Source: Guardian