Family Law Blog
By Mara Bernstein of Law Offices of Barry I. Finkel, P.A. posted in High Asset Divorce on Tuesday, October 30, 2018.
When a high-asset couple divorces, sometimes a major drop in one spouse's income means the spouse can no longer pay the agreed-upon child and spousal support income. One high-profile case dealing with just that scenario is making news in Florida. While most people don't have this kind of money, the principle still applies in other case.
The case is evolving between retired baseball star Alex Rodriguez, a resident of Coral Gables, and his former wife. The two share two daughters, ages 13 and 10.
As a member of the New York Yankees, Rodriguez had a 10-year contract that paid him $275 million. Now, according to reports, he makes about $3 million a year as a baseball analyst on television.
Rodriguez reportedly has been paying his ex-wife $115,000 a month in child and spousal support since their divorce in 2008. Now, his ex-wife wants about $50,000 a month, while he'd like to lower the amount even more.
"Alex takes good care of his kids and he has been good to (his ex-wife) but feels he is paying excessive amounts to his ex that should be lowered since he is no longer playing ball," a source told People magazine.
The former couple signed a prenuptial agreement before their marriage in 2002. They reached a divorce settlement in September 2008 that set this agreement in place.
Rodriguez lost about 90 percent of his salary in the past few years, leading him to request this modification. If your income has dropped significantly and you need to request a modification in your child or spousal support, a Florida attorney can offer guidance. The same applies if you find yourself in the reverse situation and are being asked to reduce the amount you receive.
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