Terms in your child support agreements are usually specific and complete, and, as a result, you would likely not encounter many situations in which you would have to make a change. However, there are various exceptions to this rule. Say, for example, you were moving to an area of New Jersey with a higher cost of living, or if your child had an emergency causing medical expenses to start piling up; you might want to revise your agreement to share this financial burden with your former spouse.
Here at Newsome O'Donnell, LLC, we take pride in our work of helping our clients get the financial support they need to raise their children without undue financial strain. This includes changing agreements, when necessary. However, sometimes the issue is that our client's former spouse is not following one of the terms of the original court decision.
Whether our client's situation changes unpredictably or a former spouse stops making payments, the disruption of financial support in any way has the potential to be catastrophic for a child's future. For example, stopped payments could force our client to cut into emergency funds, leading to a cascading cycle of debt and financial worries in the case of unexpected expenses. Another common situation is that increasing costs of living force our clients to prioritize everyday purchases over long-term investments, such as college savings funds.
The sooner our clients come to us, the more we are able to help. We believe that keeping money where it belongs — in savings accounts, for example — is essential for the long-term success of a child. It is typically best to begin restoring income before resources dwindle to an emergency level. Please visit our main site for more information.