When Illinoisans divorce, many want to leave that chapter in their rear-view mirror. They do not want to re-live the emotion, the legal wrangling and the negotiations over who gets the house, the cars and the dog. But for divorced couples with kids, family law issues like child custody and, especially, child support can resurface years after the ink finalizing the divorce has dried.
Take, for example, a recent child support suit filed brought by the ex-wife of a successful Wall Street executive. According to the suit, the banker was no longer meeting his nearly $50,000 yearly child support obligation. The ex-wife’s also claims she is owed a share of the couple’s nearly $600,000 in retirement funds and that he never paid a whopping $5 million from seats he owns on several trading posts.
The ex-husband denies that he stopped paying his 19-year-old daughter’s child support. To the contrary, he has been very generous to both his ex-wife and daughter. The banker then suggested the ex-wife may be desperate, noting she had also accused a former business partner of swindling more than a million dollars from her.
Regardless of where the truth lies, the banker’s case underscores that child support issues may need to be revisited from time to time by a divorced couple. That can be for several reasons, some good, some bad. For example, a spouse may lose their job, their business might slow down or any number of variables that may make their child support obligation difficult to pay. Or they may have the ability to pay, but choose not to.
Whatever the reason, when child support resurfaces, there is help available. By working with family law professionals, couples may be able to reach a satisfactory agreement regarding their child support issues.
Source: New York Post, “Former NYMEX boss hit with child-support suit,” Julia Marsh, Dec. 16, 2013