Janet Boyle explains what someone should do if their spouse’s income plummets during divorce
We understand both sides of these circumstances when someone’s income plummets during divorce. The first is a deliberate attempt by a spouse to reduce his/her income in order to lessen their support obligation. Judges are aware of this and even have a name for it – RAIDS – Recently Acquired Income Deficiency Syndrome. Whether it works or not, the attorney’s fees incurred will greatly exceed the amounts saved.
However, there are also legitimate reasons for this occurrence. If a spouse is self-employed, the stress of the divorce can impact productivity, thus reducing income. Often, the reduction in income pre-dates the divorce filing and may be the actual occurrence resulting in the divorce. Financial setbacks are high on the causes for divorce list. Each case is different. We represent each client differently. Each is unique. Cookie cutter thinking is unfair to the client.
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More on high net-worth divorce.
- What is “Discovery”?
- So often a party’s income plummets during a divorce. What do you do?
- What should a business owner’s first step be to avoid disruption during divorce?
- In a divorce, do our assets always get divided up equally?
- A common question raised by many affluent clients is whether “hidden assets” can be found.
- My wife and I own a business together. What happens to our business when we divorce?
- Are there any unique issues when a professional – a doctor or dentist, for example – is going through a divorce?