Single parents in Florida that may get involved in child support disagreements may want to review details of a dispute that involves the former director of the Office of Management and Budget for the White House. After leaving public service, Peter Orszag became a high-ranking executive with Citigroup in 2011.
Orszag’s pay rose substantially, and his ex-spouse decided that the 2008 child support agreement that they had entered into needed to be changed. In 2012, she filed papers in Washington D.C. Superior Court seeking an increase in child support payments to $25,000 per month. They have two children together. Orszag resisted such efforts, and the matter eventually went to trial on March 12. Just prior to that, his lawyers filed documents that stated Orszag’s current and anticipated income. In a ruling issued by the presiding federal judge in late February, this information was to be made public.
The documents state that Orszag’s income in 2013 was $3.1 million and that his income is expected to rise to about $3.9 million in 2014. Orszag had not wanted this information to be made public. His lawyers countered by asserting that his ex-wife also had substantial income and assets. Her income was claimed to have been $350,000 in 2013, and the value of her assets had risen substantially in recent years. As 2008 drew to a close, her assets were asserted to stand at $1.5 million. By the end of 2012, her assets had increased in value to $2.2 million. The couple had originally been wed in 1997, and they were divorced in 2006.
A high net worth divorce may generate a number of key asset division questions as the proceedings unfold. Also, a significant increase in personal wealth may trigger a request for more child support from the other parent at a later date. A family law attorney may be able to help a parent request a modification of support if it can be proven that their circumstances have changed significantly since the drafting of the original divorce agreement.
Source: Politico , “Peter Orszag riches public in child-support trial“, Lucy McCalmont, March 12, 2014