More details to this question:
divorce - had separation agreement with spouse that we agreed upon and then I lost my job, and don't agree with the approach any longer. Big income disparity (when I was employed) $140k/year (me) vs. $30K (spouse). We agreed that there would be no monthly support and in exchange for this she would get 80/20 split of an ESOP that vests in about 10 years....value of about $300,000. I would like to move forward a 50/50 split of this so I have $$ to start a business...in exchange for providing some monthly support going forward. Questions - can I change my mind on separation agreement that i signed with my wife (before I was laid off)? If I am not employed, can I be on the hook for maintenance payments (if we can change our agreement and that becomes part of our arrangement)? Given that I am not employed, is there any free legal advice available so I can get some perspective on this?
1 ANSWER
Mr. Egge:
You don't indicate if you are already divorced, but nonetheless, once an agreement is executed, and both parties are aware of their respective financial situations at the time, (by discovery) a division of property (your ESOP) cannot be changed. Had you, instead, agreed to alimony, (depending on the type of alimony) you might have been able to go back to court and modify it because of a change in circumstances (i.e.) the loss of your job. Typically alimony and child support can be modified because of an unanticipated change in circumstances, but a division of assets and liabilities cannot.
That said, if your ex wife agrees to accept alimony and agrees to change the ESOP to 50/50 then the changes can be made by agreement. Of course, this would need to be ratified by the Court so the change is enforeable.
Best of luck to you,
Cindy S. Vova
Law Offices of Cindy S. Vova, P.A.
Broward/Boca Raton
954-316-3496/561-962-2785
Answered on Dec 18th, 2019 at 6:40 AM